Double Digit Gains for Thursday Wheat

Wheat markets are spiking higher continuing the Wednesday gains. SRW futures are trading 14 to 16 cents higher at midday. HRW futures are up 3.2 to 4% at midday with gains as high as 18 cents so far. MPLS wheat futures are the firmest at midday but still up by as much as 8 1/2 cents. Old crop Wheat sales from the week ending May 28 were 179,498 MT. New crop sales were in line with pre-report estimates with 437,297 MT booked on the week. Shipments came in at 752,800 MT, which was the 3rd highest for the MY and 0.14% above the same week last year. With another week to add, and official census data to come, accumulated wheat exports sit at 93% of USDA’s forecast. Total 19/20 commitments are 2% above the forecast. April wheat shipments from Census data were 2.37 MMT, taking the MY total to 23.3 MMT through the month.

Jul 20 CBOT Wheat is at $5.27 1/4, up 15 1/4 cents,

Jul 20 KCBT Wheat is at $4.75 1/2, up 17 3/4 cents,

Jul 20 MGEX Wheat is at $5.28 3/4, up 8 1/2 cents,

--- provided by Brugler Marketing & Management




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