Wheat Up 2 to 3 Cents

Wheat starts the Wednesday session with gains of 2 to 3 cents from overnight trading. Domestic wheat futures continued lower on Tuesday, led by the winter wheat contracts. CBT wheat fell 10 to 13 1/4 cents in the front months on the day, with KC losing 6 to 8 1/2 cents. MPLS was down 2 to 4 3/4 cents. Several KC and MPLS contracts posted new lows. Weakness in corn pressured the market lower. Japan’s MOA issued their weekly wheat tender, seeking 130,295 MT, with 66,050 MT as U.S. specific. Egypt’s GASC issued a tender for an unspecified amount of wheat for September delivery. Results are expected later today. Romania, often an Egyptian supplier, has a much smaller crop this year due to drought.

--- provided by Brugler Marketing & Management




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