Wheat futures are 1 to 4 cents higher this morning after seeing most contracts steady to 7 cents lower on Wednesday. MPLS spring wheat is the strongest of the three US markets. The weekly FAS Export Sales report is expected to show 300,000-600,000 MT in all wheat export sales for 19/20. Prior to Thursday’s USDA reports, traders are estimating 19/20 world wheat stocks will rise slightly to 284.71 MMT. Old crop world stocks are seen ticking higher to 274.6 MMT. The French Farm Ministry pegs the country’s wheat protein content at 11.5%, which is down from 12% last year. Never the less, exports are expected to be larger.
Source: Brugler Marketing & Management