Wheat futures are currently 7 to 8 3/4 cents in the green in the KC and MPLS front months at midday. CBT is mostly 11 to 11 3/4 cents higher. 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. Winter wheat yields are all over the place. Some are “higher than expected” according to one southeast Kansas farmer, with producers in western KS claiming to have lost acres to Wheat Streak Mosaic. Keep in mind that expectations are muted due to known frost and snow damage. Exports for the 17/18 marketing year are expected to drop 3.3% yr/yr to 50.4 MMT for combined Russian, Ukraine, and Kazakhstan exports.

Jul 17 CBOT Wheat is at $4.65, up 11 1/4 cents,

Jul 17 KCBT Wheat is at $4.74, up 8 3/4 cents,

Jul 17 MGEX Wheat is at $6.41 1/4, up 8 3/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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