Wheat Higher As KC Again Leads

Wheat is trading 3 to 7 cents higher this morning, led again by KC HRW. Wheat futures closed off their highs, but still maintained comfortable gains on Tuesday. KC HRW futures were the strongest, closing with double digit gains through May ’21. SRW closed 6 3/4 to 8 1/2 cents higher in the front months. MGE spring wheat ended the day up by 1 to 2 3/4 cents. August wheat exports from Census were 2.555 MMT or 93.88 mbu. That was 8% higher month to month, but 0.85% below August ’19. Official exports through the first quarter of the MY were a 3-yr high 265 mbu. August wheat exports to China were the largest since the 2013/14 MY. For the MYTD 610,453 MT of wheat has been shipped to China. The trade is looking for USDA to show between 830 and 917 mbu for the October ending stocks forecast. USDA’s monthly Supply and demand estimates are to be released on Friday. Analysts are also expecting a 2.2 MMT reduction for world stocks in that report despite a larger Russian production number. --- provided by Brugler Marketing & Management

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