Wheat Markets Steady to 2 Cents Higher

Wheat futures are steady to 2 cents per bushel higher across the three US markets early Tuesday. Chicago is the firmest, with MPLS spring wheat hovering near UNCH. The weekly Crop Progress report from NASS showed 93% of the winter wheat crop harvested as of August 18, up 4% on the week and 5% behind normal. The spring wheat crop was 16 % harvested, with the normal pace at 49%. Condition ratings were tallied at 70% gd/ex, up 1 from a week ago, as the Brugler500 index for spring wheat was up 2 point to 374. Wheat exports during the week that ended on August 15 totaled 488,905 MT, according to USDA Export Inspections data. That was down 32% from the previous week and slightly higher than the same week a year ago. Morocco is seeking 576,000 MT of milling wheat and 345,455 MT of US durum wheat a under preferential tariff quota in a tender due on September 5.

--- provided by Brugler Marketing & Management

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