Wheat Markets Close Mixed, Off Their Highs

Wheat futures saw mixed trade at Tuesday’s close after spending much of the session higher. KC was mostly a penny to 1 1/2 cents higher, with CBT up fractionally in the front months and lower in deferred contracts. MPLS was also mixed, with nearby contracts lower. The rumor mill also showed expected trade aid payment for wheat of 63 cents, which would discourage abandonment. USDA on Monday showed MN was 76% planted for spring wheat, only 4% behind normal, with ND at 66% and SD 70%. Japan’s weekly MOA tender is for 122,844 MT of US, and Canadian wheat, with 90,194 US specific. Taiwan purchased 111,050 MT of US wheat in their tender that closed on Tuesday. A report also showed that Ethiopia bought 600,000 MT of optional origin wheat on Tuesday.

Jul 19 CBOT Wheat closed at $4.78 3/4, up 1/2 cent,

Jul 19 KCBT Wheat closed at $4.36, up 1 1/2 cents,

Jul 19 MGEX Wheat closed at $5.43, down 1/2 cent

--provided by Brugler Marketing & Management




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