Wheat (P) Futures PricesTue, Sep 16th, 2014
Latest Brugler Wheat (P) Report
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Wheat futures closed mostly 3 to 5 cents lower. The front months for all three classes traded at the lowest prices since July of 2010. Larger than expected world and domestic supplies in the latest WASDE leave questions about the demand going forward. Export commitments for US wheat are 48% of the forecasted total exports for the 2014/15 marketing year, one point ahead of the 5yr average for this week. SovEcon raised its estimate of Russian wheat production to 60 MMT from 58 MMT, and raised projected Russian exports above 20 MMT. USDA was at 59 MMT, and 22.5 MMT (respectively) in the WASDE report last Thursday. Egypt bought 180,000 MT of wheat from France at an overnight tender, with more than 1 MMT offered to them from various origins.
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