Wheat Higher at Midday

Wheat futures are trading 3 to 7 cents higher so far at midday. USDA showed no changes to the US S&D table in this morning’s WASDE update, as new crop carryout was unch at 1.014 bbu. They did lower the average farm price for 2019/20 wheat by 20 cents to $4.80. On the world side, they raised old crop carryout by 1.75 to 277.24 MMT, with new crop up 1.11 MMT to 286.51 MMT. Thursday morning’s weekly Export Sales report showed 610,948 MT in all 19/20 wheat export bookings for the week that ended on 9/5. That was a 95.8% jump from the previous week’s train wreck and 57.64% larger than the same week last year.

DEC 19 CBOT Wheat is at $4.81 3/4, up 4 1/4 cents,

DEC 19 KCBT Wheat is at $4.02, up 3 1/2 cents,

DEC 19 MGEX Wheat is at $5.07 3/4, up 5 1/2 cents

Source: Brugler Marketing & Management

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