Wheat (P) Futures PricesFri, Aug 29th, 2014
Latest Brugler Wheat (P) Report
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Wheat futures are trading mixed this morning, with the September contracts stronger than the differed in all three major classes of wheat. While US export shipments have lagged, total export commitments are 45% of the full year forecast and would typically (5 year average) be only 43% by this week. The IGC hiked projected world wheat production a whopping 11 MMT late last week, to 713 MMT. They are seeing increased production potential in several countries since last month. There were eight hundred contracts delivered against KC Sep wheat on Friday, spooking the longs. There were 546 put back out over the weekend, with Dreyfus stopping 364 of them. There were 49 deliveries vs. Chicago. SovEcon estimates Russian wheat exports totaled 3.7 MMT in August.
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