Wheat Lower Again to Start Wednesday

Wheat futures are mostly 5 to 10 cents in the red this morning. They saw 3 to 10 1/4 cent losses in most contracts on Tuesday, pressured by profit taking. The weekly Crop Progress update showed the winter wheat harvest in KS at just 1% (12% avg), with OK 40% back of normal at 16% harvested. Heavy rains forecast for most of OK and KS will likely slow the harvest even further. Spring wheat condition ratings in MN were up 5 points, with ND down 1. Japan is seeking 61,864 MT of US wheat, with the tender to close on Thursday. Egypt’s GASC is tendering for wheat for late July delivery, with the tender to close on Wednesday.

--provided by Brugler Marketing & Management

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