Wheat Sees Profit Taking Ahead of the Weekend

Wheat futures closed Friday with CBT contracts 1-2 cents lower, following a bout of profit taking after July was up 9.48% this week. KC slipped from the highs but was firm to 3 1/2 cents higher, with front month July 8.59% in the green on the week. MPLS was steady to 2 cents higher, with a 2.08% rise since last Friday. Spec traders in KC wheat futures and options trimmed back last week’s record net short position by 2,442 contracts, showing a net position of 56,424 as of Tuesday. Total unshipped old crop US wheat sales now total 3.517 MMT, with just 3 reporting weeks left in the MY, as total commitments are up 8.8% from last year. Those export commitments are 103% of the updated USDA full year projection, with 105% the average at this time.

Jul 19 CBOT Wheat closed at $4.65, down 2 cents,

Jul 19 KCBT Wheat closed at $4.20 1/4, up 3 1/2 cents,

Jul 19 MGEX Wheat closed at $5.27 3/4, up 1 cent

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.