Wheat Posting Modest Gains at Midday

Wheat futures are 3 to 7 cents higher in most contracts, disregarding soon to expire Sep. Ahead of Thursday’s USDA reports, analysts expect to see very little change to the 19/20 US wheat carry out estimate, up 2 mbu to 1.016 bbu. Monday’s afternoon Crop Progress report showed the spring wheat crop 71% harvested as of Sunday, with the normal pace at 87%. Winter wheat planting pace will be reported next week. South Korea purchased 76,000 MT of US wheat in a tender on Tuesday. The French Farm Ministry raised their 19/20 wheat production estimate by 1.25 MMT to 39.45 MMT.

DEC 19 CBOT Wheat is at $4.79 3/4, up 5 1/4 cents,

DEC 19 KCBT Wheat is at $4.01 3/4, up 3 3/4 cents,

DEC 19 MGEX Wheat is at $5.03 1/2, up 6 3/4 cents

Source: Brugler Marketing & Management

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