Wheat Double Digits Higher on Thursday

Wheat futures are posting double digit gains in most contracts on Thursday. As we switch to new crop wheat on the USDA balance sheets, USDA cut 72 mbu from their carryout projection to 1 bbu. That was helped by a known 30 mbu smaller carry-in and an increase to expected feed & residual and exports. Production was pegged at 1.921 bbu, up 18 mbu from June. HRW was estimated at 804.5, SRW at 259.2 mbu, and other spring at 572.2 mbu. Overall wheat yield was raised by 1.3 to 50 bpa, with winter wheat up the same amount to 51.8 bpa. All wheat export sales during the week of July 4 were tallied at 284,370 MT, more than double the same week last year at slightly above the week prior.

SEP 19 CBOT Wheat is at $5.16 1/2, up 11 3/4 cents,

SEP 19 KCBT Wheat is at $4.54 3/4, up 13 1/4 cents,

SEP 19 MGEX Wheat is at $5.38 1/2, up 9 3/4 cents

--provided by Brugler Marketing & Management

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