Thursday Wheat Closes Higher

Two of the wheat markets ended the Thursday session with double digit gains. KC HRW wheat futures were the strongest with futures closing 2.2% to 2.7% higher. Chicago wheat futures were 1.7% to 2% higher at the close, with Sept at $5.17 3/4 /bu. Minneapolis spring wheat gained 1.1% to 1.2% with Sept closing the day at $5.30 3/4 /bu. Estimates ahead of the Export Sales report have old crop wheat bookings at 50,000 to 300,000 MT. Traders estimate 2020/21 sales to come in at 100,000 to 300,000 MT. The European Commission lowered their forecast for 2020/21 common wheat production by 4.3 MMT to 121.5 MMT. The Commission also cut projected exports to 26.5 MMT from 28 MMT. The May WASDE listed 2020/21 EU wheat production at 143 MMT and exports at 28 MMT. Ukraine Grain Traders Union estimates 2020 wheat harvest at 26.7 MMT. USDA’s forecast for Ukraine new crop production is 28 MMT. The International Grain Council estimates 2020/21 World wheat production at 766 MMT, that was up 2 MMT from their previous estimate but still 2 MMT below USDA.

Jul 20 CBOT Wheat closed at $5.14 1/2, up 10 cents,

Jul 20 KCBT Wheat closed at $4.64, up 12 1/4 cents,

Jul 20 MGEX Wheat closed at $5.19 1/4, up 6 cents,

--- provided by Brugler Marketing & Management

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