Wheat Market Fractionally Lower Overnight

Wheat futures are mostly UNCH to 1 1/2 cents lower this morning. Minneapolis September is in the black by a fraction. They were 1 1/2 to 8 1/4 cents lower on Tuesday, with KC HRW holding up the best. Harvest progress in KS was 61% complete, with OK (95%) and TX (92%) nearing completion. Prior to the release of the WASDE on Thursday traders are expecting USDA to cut 34 mbu from the 19/20 US wheat carryout estimate to 1.038 bbu. Old crop stocks will also be trimmed to match the June 28 number. HRW production estimates are above last month. Egypt’s GASC purchased 240,000 MT of Ukrainian (60,000 MT) and Romanian (180,000 MT) wheat for mid-August Delivery in Tuesday’s tender. The US origin is too expensive to be offered.

--provided by Brugler Marketing & Management

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