Wheat futures are 11 to 15 cents higher in MPLS spring wheat this morning. KC HRW is up 5-6 cents and Chicago SRW is 2 to 4 higher. Spread traders are having a field day as millers chase protein. CBT was 10 to 12 1/4 cents higher on Tuesday, 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 only 13% g/e. Taiwan purchased 92,400 MT of US wheat on Tuesday in their tender. 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. No US wheat was offered. 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.

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
Web: http://bruglermarketing.com

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