Wheat futures came back to settle with gains in most all contracts. CBT was the strongest, with MPLS improving over losses earlier in the session. The weekly drought monitor showed most of the Dakotas experiencing some sort of dryness. Wheat export sales for the week of June 8 for the 2017/18 marketing year were at 373,368 MT, just under half of what was reported for this week last year. Weekly shipments came in at 624,448 MT, 10.6% over last week’s total exports. Japan purchased 162,286 MT of wheat from Australia, Canada, and the US in their weekly tender on Thursday. Of the total, 98,536 MT was US origin. Analysts from Strategie Grains estimate 2017 soft wheat production in the EU at 141.6 MMT, 1.1 MMT lower from their previous projection. They also show an estimated 24.4 MMT for exports, 2.6 MMT less than their last estimate.

Jul 17 CBOT Wheat closed at $4.53 3/4, up 10 3/4 cents,

Jul 17 KCBT Wheat closed at $4.65 1/4, up 7 3/4 cents,

Jul 17 MGEX Wheat closed at $6.32 1/2, up 5 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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