Wheat Markets Close Mixed on Wednesday

Wednesday wheat trading pushed futures mostly lower. SRW wheat was down the most with losses of 3 to 3 3/4 cents. KC wheat was fractionally mixed at the close, save for a penny gain in Sept futures. MGE HRS futures fell 1/2 to 2 1/2 cents on Wednesday. The new crop production estimate for wheat is 1.838 bbu, up 14 mbu from July. The average trade estimate was for an 8.7 mbu bump. Hard red spring wheat was increased 28 mbu to 530 mbu. USDA expects 975 mbu of wheat will be exported this MY, increasing the U.S. market share 0.29 ppts yr/yr to 14.12% of the global export supply. Globally, wheat production was cut by 3.28 MMT to 766.03. Gains to Russian and Ukrainian production were offset by cuts to EU and Argentina. Wheat export sales estimates for the week ending August 6 are 250,000 to 800,000 MT. Egypt is tendering for wheat again, with results expected tomorrow.

Sep 20 CBOT Wheat closed at $4.91 1/4, down 3 3/4 cents,

Sep 20 KCBT Wheat closed at $4.17 3/4, up 1 cent,

Sep 20 MGEX Wheat closed at $4.92 1/4, down 1/2 cent,

--- provided by Brugler Marketing & Management

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