Wheat futures are trading fractionally lower this morning. They settled most contracts steady to 3 cents higher on Wednesday, ignoring soon to expire July MPLS. All wheat export bookings for the week that ended on July 4 are estimated at 250,000-550,000 MT, ahead of this morning’s Export Sales report. The USDA Ag Attaché in Australia pegs the 19/20 wheat crop at 21.5 MMT, vs. the official USDA estimate of 22.5 MMT from June. Analysts expect to see a ~1.86 MMT drop in the 19/20 world carryout projection to 292.48 MMT. The average trade estimate for US All Wheat production was 1.904 billion bushels in a Bloomberg survey. The range of estimates is nearly 300 million bushels, so there is a bit of confusion out there!
--provided by Brugler Marketing & Management