Wheat futures are 1 to 2 cents higher this morning in the CHI and KC contract, and up 5 cents per bushel in MPLS spring wheat. All exchanges saw positive price moves last week, with MPLS up 5.98%. KC and CBT were up 4.87% and 4.37% in their respective July contracts. Spec traders added 21,494 contracts to their net long position in KC wheat futures and options last week. In CBT futures and options, they reduced their net short position by 23,277 contracts. Thinly traded MPLS futures and options have 0 shorts in managed money for the second week in a row, as their net long position is 11,780 contracts. Exports for the 17/18 marketing year are expected to drop 3.3% yr/yr to 50.4 MMT for combined Russian, Ukraine, and Kazakhstan shipments.

Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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