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Winter Wheat Gains through Midday

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So far wheat futures are trading mixed. The winter markets are higher, led by SRW. Chicago SRW futures are 1 1/2 to 3 cents higher. KC HRW wheat is trading with midday gains of 1 to 1 3/4 cents. In MPLS spring wheat, prices are 1 1/2 to 3 cents lower nearby but fractionally mixed in the deferred contracts. Wheat export sales from the week ending July 23 were up 9.8% wk/wk to 676,563 MT. That was up 77% yr/yr. Accumulated shipments through the first 8 weeks are 3% higher yr/yr, unshipped sales are up by 12% yr/yr, and total commitments are 719,228 MT ahead of 2019/20’s pace. French wheat was 90% cut as of July 27. BAGE lowered their new crop wheat production forecast for Argentina by 300k MT to 6.8 MMT, citing continued dryness and recent frost damage. Tunisia purchased 75,000 TM of optional origin wheat from their international tender.

Sep 20 CBOT Wheat is at $5.31, up 1 1/2 cents,

Sep 20 KCBT Wheat is at $4.41, up 1 cent,

Sep 20 MGEX Wheat is at $5.10, down 3 cents,

--- provided by Brugler Marketing & Management

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