Wheat Higher on Wet Weather and Exports

Wheat futures closed Monday with 9 to 16 cent gains in the front months. The Southern Plains continue to see abnormal amount of rain for this time of year, causing some disease concerns in the HRW crop. Monday afternoon, the Crop Progress report showed the winter wheat crop 54% headed, lagging normal by 12%. Texas is 8% harvested, matching the average pace. Condition ratings saw a 2% boost to 66% gd/ex, with the Brugler500 index up another 3 to 372 points. Spring wheat planting was in line with estimates at 70% complete, vs. the 80% average and 76% last year. Emergence at 26% still lags the 5-year average pace by 25%. Export Inspections for wheat during the week of May 16 totaled 757,704 MT. That was a 13.74% drop from the previous week but more than double the same week last year. YTD shipments are now 2.28% larger yr/yr at 23.58 MMT (866.4 mbu).

Jul 19 CBOT Wheat closed at $4.78 1/4, up 13 1/4 cents,

Jul 19 KCBT Wheat closed at $4.34 1/2, up 14 1/4 cents,

Jul 19 MGEX Wheat closed at $5.43 1/2, up 15 3/4 cents

--provided by Brugler Marketing & Management




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.