BRUG - Thu Aug 17, 12:01PM CDT

Wheat futures are showing 3 to 5 cent losses at midday in most CBT and KC contracts. MPLS is down 2 1/2 in nearby Sep, with back months 2-3 cents higher. This morning’s USDA Export Sales report indicated 633,565 MT in 17/18 sales, larger than expectations and 29.4% above last year at this time. Thailand was the largest buyer, at 110,100 MT. There have yet to be any 18/19 sales reported, as we are now in week #11 in the current marketing year. A survey of analysts by Bloomberg shows estimated Canadian wheat production for 2017 at 26.4 MMT, compared to the USDA’s 28.35 MMT. Stats Can will report on August 31. Saudi Arabia is seeking 480,000 MT of wheat through the Saudi Grains Organization, for Oct-Dec delivery. This tender will close on Friday.

Sep 17 CBOT Wheat is at $4.14 1/4, down 5 cents,

Sep 17 KCBT Wheat is at $4.15 1/2, down 4 cents,

Sep 17 MGEX Wheat is at $6.71, down 2 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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