WHEAT— Wheat futures closed mixed. Chicago Sep closed higher following higher corn and soybean prices. KC Sep closed unchanged and off session higher. MLS Sep traded slightly higher but also off session highs. Stogner domestic SRW basis offered support to WU. Talk of lower Europe and Russia 2020 crops has helped support Paris and Black Sea wheat futures. This has helped trigger short covering in Chicago futures.
Some est that Europe Wheat crop could drop 8 mmt and exports could also drop 6 mmt. Early Russia wheat yields are down 24 pct from last year. Trade expects increase trade volume and volatility after USDA supply and demand report on Friday USDA could drop their estimate of US wheat exports due to slow pace of exports versus expectations.
Weekly US wheat export sales were near only 326 mt versus 414 last week. Russia export prices are cheaper than US. Concern about World wheat trade could add to World supplies. Argentina is trying to push domestic wheat prices higher to reduce wheat exports.
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