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Wheat Market Weakens into Close

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Wheat futures closed Wednesday with the nearby HRW and HRS contracts 4 to 9 cents lower, and CBT fractionally mixed. The nearby CBT-KC spread is now 46 3/4 cents, the largest since 2007. The trade range of estimates ahead of Thursday’s Export Sales report show 0-250,000 MT for old crop wheat sales in the week of 5/9. New crop is seen at 150,000-350,000 MT. Ukraine’s wheat crop for 2019 is expected to be at 26.2 MMT according to one of the country’s consultants, up 1.6 MMT from their previous number. USDA is at 29 MMT. For the first time in more than a decade, Australia is importing it’s first cargo of wheat (from Canada), following tight local supplies in recent years.

Jul 19 CBOT Wheat closed at $4.48 3/4, up 1/4 cent,

Jul 19 KCBT Wheat closed at $4.02, down 6 3/4 cents,

Jul 19 MGEX Wheat closed at $5.15 1/4, down 8 cents

--provided by Brugler Marketing & Management

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