Wheat
Brugler Marketing and Management, LLC - BRUG - Fri Aug 10, 11:56AM CDT

Wheat futures are showing 6 to 11 3/4 cent losses in the nearby contracts at midday. This morning’s NASS Crop Production report tallied all wheat production for 2018 at 1.877 bbu, just 4 mbu smaller than the previous report. HRW was seen at 661.22 mbu, with SRW at 291.8 mbu. Production of the spring wheat crop was just slightly higher to 614.155 mbu, as yield was UNCH from July at 47.6 bpa. They disagree with the Wheat Tour. US ending stocks of 18/19 wheat were shown at 935 mbu on a 50 mbu addition to the export projection. Production of the Russian wheat crop was up 1 to 68 MMT, with private estimates from SovEcon at 68.4 MMT and IKAR at 70.1 MMT. The New Crop world ending stocks projection was cut by 1.92 to 258.96 MMT. EU production was cut 7.5 MMT (275 million bushels!). A Ukraine wheat export limit was set at 16 MMT (8 MMT in milling wheat) for the18/19 MY by the country’s ag ministry on Friday, with 17/18 exports totaling 17.2 MMT.

Sep 18 CBOT Wheat is at $5.57 1/4, down 7 1/4 cents,

Sep 18 KCBT Wheat is at $5.70 1/2, down 8 cents,

Sep 18 MGEX Wheat is at $6.18, down 11 3/4 cents




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