Wheat
Wheat futures are mostly 5 to 8 cents higher this morning after higher closes on Thursday. CBT SRW was the strongest yesterday, with MPLS improving after losses earlier in the session. The weekly drought monitor showed most of the Dakotas experiencing some sort of dryness. Weekly US export shipments totaled 624,448 MT, 10.6% over last week’s total exports. Wheat export commitments are just 7% above the 16/17 commitments. When comparing to the USDA projected export total, they are 26% complete, vs. the average (and last year’s) 25% for this week. Japan purchased 98,536 MT of US origin wheat in the MOA tender. Analysts from Strategie Grains estimate 2017 soft wheat production in the EU at 141.6 MMT, 1.1 MMT lower from their previous projection due to heat and drought issues. They also show an estimated 24.4 MMT for exports, 2.6 MMT less than their last estimate.



Market Commentary provided by:

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