Wheat (P) Futures PricesMon, Jun 29th, 2015
Latest Brugler Wheat (P) Report
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Wheat futures are trading mostly from 3 cents lower to 1 3/4 cents higher this morning. July Chicago wheat reached $5.87 yesterday, the highest price since January 8. That contract is up 15.85% in the last 10 days. The USDA Crop Progress report showed a minor drop in condition ratings. The Brugler500 Index was down 1 point to 318. The United States doubled its winter wheat harvested this week, up to 38%. Traders were looking for 35%, with 48% being average. Kansas made the biggest dent, jumping to 48% done compared to 8% on June 21. Trade estimates on average were looking for 55.867 million acres, which would be up about 500,000 acres from the March report. The rally is probably discounting a smaller number. The average estimate for wheat stocks was either 712 or 718 mbu depending on whose survey you saw.
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