Wheat (P) Futures PricesMon, Mar 30th, 2015
Latest Brugler Wheat (P) Report
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Wheat futures are rallying with gains from 16 to 22 cents at midday. The enthusiasm is mostly spec buying tied to a weekend article in a financial publication talking about how tight stocks will be in 2015/16 as a % of the quantity usually in global trade (rather than the more conventional % of use). There is also concern about a hot and dry forecast for much of the US winter wheat growing area. That crop is coming out of dormancy and some areas could use some rain to hold onto their yield potential. Some state level crop condition ratings will be updated later this afternoon. The weekly export inspections in the USDA report this morning were lousy, coming in about 40% smaller than the previous week. The average pre-report trade guess for wheat stocks in the report tomorrow is 1.141 billion bushels. That would be up 8% from a year earlier.
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