Wheat futures are mostly higher at midday. CBT and KC are a penny to 4 cents higher. MPLS is trading 2 to 5 cents in the green.Spread traders are having a field day as millers chase protein. Australia’s wheat production projection was updated to 24.19 MMT, from 23.9 MMT in March, by ABARE. Germany’s 2017 wheat crop is estimated at 25.2 MMT, up 0.22 MMT from May’s estimate on wet weather. Some analysts are estimating that Egypt will import nearly 6 MMT of wheat this year, up 11.11% from last year. Russian FOB offers have dipped below US FOB Gulf after several weeks at premium levels. French wheat FOB Rouen is still much cheaper.

Jul 17 CBOT Wheat is at $4.46, up 1 cent,

Jul 17 KCBT Wheat is at $4.60 3/4, up 3 3/4 cents,

Jul 17 MGEX Wheat is at $6.33 1/2, up 5 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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