Wheat Surrenders Tuesday Gains Overnight

Wheat markets are 1 to 4 cents per bushel lower this morning, with Chicago SRW the weakest. SRW wheat futures were up by 3 to 4 cents at the closing bell on Turnaround Tuesday. The national average wheat cash price (SRW) from cmdtyView was $4.78, which was 4 cents stronger on the day. 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.

--- provided by Brugler Marketing & Management




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.