Wheat Markets Weaker at Midday
Alan Brugler - Barchart - Fri Aug 28, 4:48PM UTC

Wheat futures are down ahead of the weekend break. SRW futures are trading fractionally to 2 3/4 cents lower. KC HRW futures are 2 1/4 to 3 3/4 cents lower, save for Sept which is a penny and a half stronger. MPLS Spring wheat futures are trading with midday losses of 3 1/4 to 5 1/4 cents. The International Grains Council upped their wheat production forecast by 1 MMT to 763 MMT. After also reducing 2020/21 world consumption, IGC sees wheat stocks at 294 MMT (up from 288 from the July forecast). BAGE (Argentina) noted North and Central states could see as much as a 50% yield drop, citing dryness, frosts, and field pests. The European Commission lowered their EU 27 wheat output to 113.5 MMT, down from July’s forecast of 116.6.

Sep 20 CBOT Wheat is at $5.42, down 1/2 cent,

Sep 20 KCBT Wheat is at $4.62 1/4, up 1 1/2 cents,

Sep 20 MGEX Wheat is at $5.18 1/2, down 4 1/4 cents,

--- provided by Brugler Marketing & Management




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