Wheat (P) Futures PricesThu, Jul 31st, 2014
Latest Brugler Wheat (P) Report
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Wheat futures closed 3 to 8 cents higher. Nearby KC wheat was the strongest. MPLS came back to close higher on the session for the second day in a row, after touching new life of contract lows on Tuesday. The IGC raised its global wheat production forecast to 702 million, which is up 3MMT from a previous estimate, but still below the 710 million from last year. Trade estimates for the USDA weekly export sales report were between 350,000 MT to 550,000 MT. USDA published the actual figure at 801,000 MT. Total commitments as a percent of total projected exports are now at 40%, vs. the five year average for this date of 34%. The Taiwan Flour Millers' Association has purchased 84,800 MT of milling wheat to be sourced from the United States.
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