Wheat Markets Steady to 2 Cents Higher

Wheat markets traded steady to 2 cents higher overnight, with Chicago hugging the UNCH line this morning. On Wednesday KC HRW wheat was fractionally mixed at the close, with a penny gain in Sept futures. SRW wheat closed with losses of 3 to 3 3/4 cents. MGE HRS futures fell 1/2 to 2 1/2 cents on Wednesday. Wheat export sales estimates for the week ending August 6 are 250,000 to 800,000 MT. USDA raised the new crop production estimate by 14 mbu to 1.838 bbu yesterday, hiking the national average yield 0.4 bushels per acre. 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. Egypt is tendering for wheat again, with results expected later today.

--- provided by Brugler Marketing & Management

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