Wheat Posting Double Digit Gains in the Winter Contracts

Wheat futures are up 10 to 13 cents in the nearby winter wheat contracts at midday, with MPLS steady to 6 cents higher. The weekly Export Inspections report indicated that 406,386 MT of wheat was shipped in the week of June 20. That was a 6.28% jump from last week and 11.54% larger than the same week in 2018. Traders appear to be expecting improved condition ratings for both winter wheat and spring wheat tonight. Southern Plains sources are reporting excellent HRW yields, although with low protein. Commitment of Traders data showed specs in CBT wheat futures and options adding 20,064 contracts to their net long position at 22,713 by Tuesday. They trimmed 2,880 contracts from their net short position in KC to -20,744 contracts. Taiwan importers purchased 83,200 MT of wheat from the US on Monday.

Jul 19 CBOT Wheat is at $5.37 1/2, up 11 1/2 cents,

Jul 19 KCBT Wheat is at $4.65, up 12 1/2 cents,

Jul 19 MGEX Wheat is at $5.41 1/4, up 5 1/4 cents

--provided by Brugler Marketing & Management

Market Commentary provided by:

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