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Wheat Higher at Close

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Winter wheat futures gave back some of midday’s double digit gains, but HRS futures held on. Front month MPLS wheat closed 8 1/4 to 12 1/4 cents higher, with July only a penny and a 1/4 off the high. HRW futures are ended the session 2 1/4 to 6 3/4 cents higher with July the strongest. Chicago SRW wheat is closed with 4 1/2 to 5 1/2 cent gains. All wheat planted acreage was 44.250 million acres, after a modest cut to spring wheat. Winter wheat acreage was reported at 30.55 million acres, down 225k acres from the prior report. Spring wheat acreage was 12.2m acres, down by 390k acres from March’s intentions. Wheat stocks on June 1 were reported at 1.044 bbu, which was well above the trade average guess of 987. Jordan purchased 60,000 MT of wheat at $229.99/tonne for November delivery. South Korea purchased 60,000 MT of wheat at $215/tonne for November delivery. U.S. HRW wheat FOB prices are @ $186/tonne, a $10/MT discount to Russia.

Jul 20 CBOT Wheat closed at $4.90, up 4 1/2 cents,

Jul 20 KCBT Wheat closed at $4.35 1/2, up 6 3/4 cents,

Jul 20 MGEX Wheat closed at $5.09 1/4, up 12 1/4 cents,

--- provided by Brugler Marketing & Management

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