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Wheat Market Correcting 1 to 5 Cents After Monday Gain
BRUG - Tue Sep 17, 7:29AM CDT

Wheat futures are 1 to 5 cents lower since settling most contracts 2 to 9 1/4 cents higher on Monday. Chicago SRW is the weakest this morning, with MPLS spring wheat the firmest. While the spring wheat harvest is typically 93% complete by 9/15, NASS reported just 76% of the crop was out of the field. In their initial winter wheat planting progress release, they showed 8% of the crop in the ground, with 12% the average pace. Prospects for very low crop revenue insurance guarantee levels aren’t exactly encouraging planting, either. The lateness of the soybean harvest is also likely to limit winter wheat planting. Weekly Export Inspections data showed a total of 459,258 MT of wheat shipped during the week of 9/12. That was up 11.31% wk/wk and 11.70% larger year/year. YTD shipments are up 22.13% from the same time last year at 7.47 MMT (274.48 mbu).

Source: Brugler Marketing & Management

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