Wheat Holding Higher at Midday

Wheat futures are 1 to 6 cents higher in most contracts on Wednesday. Thursday’s Export Sales report is expected to show 200,000-500,000 MT in wheat export sales for the new 19/20 MY. Published trade estimates have 18/19 US wheat ending stocks estimates hovering around 1.100 billion bushels. Last year was at 1.099 bbu. Wednesday’s Stats Canada report indicated that total Canadian wheat acreage intentions are at 24.6 million acres, down slightly from a year ago. Durum is seen down 1.3 million at 4.9 million acres. Agritel estimates Russia’s wheat crop at 81.7 MMT for 2019, a 1.9 MMT jump from their previous projection. Philippines importers are tendering for 200,000 MT of wheat.

Jul 19 CBOT Wheat is at $5.41 3/4, up 6 cents,

Jul 19 KCBT Wheat is at $4.68 3/4, up 3 1/2 cents,

Jul 19 MGEX Wheat is at $5.53 1/2, up 5 cents

--provided by Brugler Marketing & Management

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