Wheat futures are a nickel higher in Chicago SRW, up 8 to 9 in KC HRW and up 10 to 15 cents in MPLS spring wheat. They were mostly 7 to 11 3/4 cents lower in the KC and CBT contracts on Monday, with MPLS down 2 3/4 to 6 cents. The first full week of the 2017/18 wheat marketing year showed 773,992 MT of wheat inspected for export. That is 47.62% larger than last year and 89.84% above the same week a year ago. The USDA reported that 92% of the winter wheat crop is headed, vs. the average of 91% and last year’s 95%. In addition, 17% is harvested, up from the average of 15%. Overall the winter wheat crop is rated at 50% g/e up 1% wk/wk with the Brugler500 at 337, unchanged from last week. Spring wheat is 95% emerged, vs. the average of 92%. Ratings dropped as expected to 45% g/e, down 10% wk/wk and 34% yr/yr. The Brugler500 rating is at 325, down a huge 25 points from last week. Minneapolis futures jumped by double digits overnight on the news that South Dakota in particular was in much worse shape than had been factored into prices. Egypt’s GASC is tendering an unspecified amount of wheat for delivery on July 15-25. Results are expected later today.

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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