Wheat (P) Futures PricesThu, May 26th, 2016
Latest Brugler Wheat (P) Report
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Wheat futures posted double digit gains in all three markets. Weekly data from the USDA showed net reductions for old crop of 9,900 MT, largely due to switches and deferrals. The marketing year ends May 31. This sales data is through May 19. Export commitments are 98% of the full year WASDE forecast. They would typically be 105% by now. New crop bookings were on the low end of expectations at 345,900 MT.The IGC bumped up its projection for world wheat production by 5 MMT to 722 MMT for 2016/17, with higher ideas for the US, Russia and the EU.
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