Wheat Lower This Morning

Wheat futures are steady to 5 cents lower this AM, since seeing losses of 7 to 14 cents in most contracts on Wednesday, pressured by profit taking. USDA’s Export Sales report is expected to show 200,000-500,000 MT in 19/20 export bookings during the first full week of the new MY. Egypt’s GASC bought 290,000 MT of wheat from Romania (180,000 MT) and Russia (110,000 MT) on Wednesday, as US presented no offers. Russian wheat production estimates from IKAR saw a 0.5 MMT reduction to 80 MMT, while they trimmed their export forecasts by the same to 36.5 MMT. SovEcon also lowered their Russian export projection by 0.6 MMT to 37.6 MMT

--provided by Brugler Marketing & Management




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