Wheat futures posted gains in most contracts on Tuesday. CBT was 10 to 12 1/4 cents higher, with KC 7 1/4 to 14 1/4 cents in the green. MPLS was the strongest, as it saw sharp gains of 27 1/2 cents in July and 28 1/4 cents in September. Individual state progress shows winter wheat in TX 72% harvested, with OK 52% complete, and KS at 4%. Spring wheat ratings dropped as expected to 45% g/e, down 10% wk/wk and 34% yr/yr. Individual state ratings show Montana and the Dakotas dropping significantly, as SD was 13% g/e. Taiwan purchased 92,400 MT of US wheat on Tuesday in their recent tender. Japan is seeking 162,286 MT of wheat from the US, Canada, and Australia, as 98,536 MT is US specific, with the tender closing on Thursday. Egypt’s GASC purchased a total of 300,000 MT of wheat on Tuesday, with 180,000 MT from Russia, 60,000 MT from Romania and 60,000 MT from Ukraine. The US did not place an offer.

Jul 17 CBOT Wheat closed at $4.45, up 11 cents,

Jul 17 KCBT Wheat closed at $4.57, up 14 1/4 cents,

Jul 17 MGEX Wheat closed at $6.28, up 27 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
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