Hard Red Wheat Futures PricesWed, Jul 1st, 2015
Latest Brugler Hard Red Wheat Report
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Wheat futures are trading 35 to 38 cents lower at midday. July CHI wheat traded at prices not seen since December 30, 2014. After hitting its highest price since January 13, KC wheat has backed off, down to the $5.65 area after reaching the Price & Probability Forecasts target. There are still places in Kansas that are too wet to cut, otherwise harvest is moving along smoothly, with many areas averaging test weights of around 60 lbs per bushel, according to the Kansas Wheat Harvest Update. USDA reported Tuesday that overall wheat acreage was higher than the March report, and both acreage and stocks were above pre-report trade estimates. Bloomberg reports opinions that the Canadian drought could cut wheat exports by 12 MMT per year. Wheat margins will increase at the CME by $275 starting after business closes tonight.
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