Wheat Markets Close in Black

Turnaround Tuesday left the front month wheat markets higher. SRW wheat futures were back up by 3 to 4 cents at the closing bell. The national average wheat cash price (SRW) from cmdtyView is $4.78, which is 4 cents stronger on the day. The SRW to corn premium (Sept) is $1.83 1/2 /bu, which is back up by a nickel after having fallen 37 cents since the start of the month. KC HRW futures recovered 1 to 2 3/4 cents. And MGE wheat closed with gains of as much as 2 cents. The average estimate for 2020/21 wheat production ahead of USDA’s report is for 1.833 bbu. That would be up by 8.7 mbu from July if realized. Trade expects most of the increase to come via a 10.6 mbu bump to spring wheat. Egypt’s GASC purchased 120k MT of Russian wheat for last half September and first half October.

Sep 20 CBOT Wheat closed at $4.95, up 4 cents,

Sep 20 KCBT Wheat closed at $4.16 3/4, up 2 3/4 cents,

Sep 20 MGEX Wheat closed at $4.92 3/4, up 2 cents,

--- provided by Brugler Marketing & Management

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