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Wheat Markets up As Much as 3 Cents

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Wheat futures are 3 cents lower to 3 cents higher this morning after Monday’s rebound higher. MPLS spring wheat is the firmest of the three US markets, given a boost by the drop in crop condition ratings. SRW was up the most on Monday with double digit gains in the front months. Preliminary open interest dropped 2,929 contracts. HRW futures were 7 1/4 to 8 3/4 cents higher on the day. July HRS was down by 1 1/2 cents on Monday, but the other front months gained 3/4 to a penny. NASS reported that, as of June 28, 41% of winter wheat was harvested. Winter wheat conditions were 2 points higher on the week to 341 on the Brugler500 index. MT and WA winter wheat ratings were above 400 on the Brugler500 index, but CO was below 300. Spring wheat ratings were down by 6 points on the Brugler500 index to 371. That is down 14 points from the initial ratings. Spring wheat was 36% headed as of June 28. The 5-yr average is 45%. USDA reported that 515,359 MT of wheat was inspected for export on the week ending June 25. Of the week’s shipments, 44% was HRW and 35% was HRS. The Stats Can acreage report listed 2020 wheat acreage at 25 million acres, 200k below expectations and a little market friendly. Durum was up 800k acres yr/yr to 5.7 million.

--- provided by Brugler Marketing & Management

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