Wheat Closes Mixed as the Spreads Widen

Wheat futures ended Tuesday down 5 to 9 cents in the KC and MPLS contracts, with CBT SRW 2 cents higher in nearby Sept. The nearby CBT-KC spread widened to 88 1/2 cents. On Monday, USDA added 25 mbu to the new crop export projection at 975 mbu, as well as a 20 mbu increase to feed and residual. Those were not enough to offset the jump in production as ending stocks were up 14 mbu. USDA also cut the average farm price by 20 cents to $5.00. The WAOB also cut projected Russian production another 1.2 MMT from July to 73 MMT, despite improvement in conditions at the tail end of the growing season there. On Monday, Argentina’s peso slipped 15% against the US dollar, effectively lowering the price of their wheat to third party destinations.

SEP 19 CBOT Wheat closed at $4.72, up 2 cents,

SEP 19 KCBT Wheat closed at $3.83 1/2, down 8 3/4 cents,

SEP 19 MGEX Wheat closed at $5.03 1/4, down 6 cents,

--provided by Brugler Marketing & Management




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