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Wheat Showing Modest Turnaround Tuesday Drop
BRUG - Tue Sep 17, 12:18PM CDT

Wheat futures are down 2 to 7 cents in the front months at midday. 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. The lateness of the soybean harvest is also likely to limit winter wheat planting. Japan’s weekly MOA tender is for 127,893 MT of US, Canadian, and Australian wheat, with 68,270 MT US specific. Tariffs for Morocco’s wheat imports are dropping from 135% to 35% on October 1. Ethiopia is tendering for 400,000 MT of optional origin wheat, with the tender to close on Oct 23.

DEC 19 CBOT Wheat is at $4.81 3/4, down 7 cents,

DEC 19 KCBT Wheat is at $4.02 1/2, down 6 1/2 cents,

DEC 19 MGEX Wheat is at $5.06 1/4, down 2 3/4 cents

Source: Brugler Marketing & Management

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