Wheat futures are 2 to 5 1/4 cents in the green at midday, as the July CBT contract is the strongest. The weekly export inspections report showed wheat exports down 7.75% from last week at 801,725 MT, but still 29.37% larger than last year. Spring wheat conditions are seen as increasing in this week’s report, with the help of a few scattered storms last week. Some traders are thinking a 4-5% increase in the G/E ratings from last week’s 45%. Spec traders added 21,494 contracts to their net long position in KC wheat futures and options last week. In CBT futures and options, they reduced their net short position by 23,277 contracts. Thinly traded MPLS futures and options had 0 shorts in managed money for the second week in a row, as their net long position was 11,780 contracts last Tuesday night.

Jul 17 CBOT Wheat is at $4.70 1/2, up 5 1/4 cents,

Jul 17 KCBT Wheat is at $4.78, up 4 1/2 cents,

Jul 17 MGEX Wheat is at $6.44 3/4, up 2 cents

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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