Wheat Market 1 to 3 Lower On Profit Taking

Wheat futures are 1 to 3 cents per bushel lower after posting double digit gains in the nearby contracts on Thursday. USDA cut 72 mbu from their 2019/20 carryout projection, dropping it to 1 bbu. Production was pegged at 1.921 bbu, up 18 mbu from June. Overall wheat yield was raised by 1.3 to 50 bpa, with winter wheat up the same amount to 51.8 bpa. World wheat ending stocks for 19/20 was trimmed by 7.88 MMT to 286.46 MMT. There were cuts for several major producing countries, specifically Russia (-3.8 to 74.2 MMT), Australia (-1.5 to 21 MMT), and EU (-2.5 to 151.3 MMT). US all wheat export sales during the week of July 4 were 284,370 MT, more than double the same week last year.

--provided by Brugler Marketing & Management




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