Alan Brugler - Wheat Adding to Gains
Ahead of the weekend, the midday wheat markets are in the black. SRW futures are up 5 1/2 to 8 1/4 cents so far. HRW futures show plus 2 3/4 to 5 cents on the midday board. HRS wheat futures are also in the black, gaining as much as 5 1/4 cents. The drought in N and N.W. Argentina is affecting wheat there. BAGE noted that as of Aug 12, 99.7% of wheat was planted. BAGE reported 0.8% of the national wheat crop was heading, with a 22% good/ex condition rating. The Rosario Grain Exchange estimates Argentine wheat production at 18-19 MMT (USDA @ 20.5). Jordan issued an international wheat tender for 120k MT.
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Sep 20 CBOT Wheat is at $5.04 1/4, up 7 1/2 cents, |
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Sep 20 KCBT Wheat is at $4.29 1/4, up 4 1/4 cents, |
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Sep 20 MGEX Wheat is at $5.00 3/4, up 3 3/4 cents, |
--- provided by Brugler Marketing & Management
