Wheat Mixed Ahead of Weekly Export Sales Report

Wheat futures are 2 to 4 cents lower in the Chicago futures this morning, but the other two markets are fractionally higher. They saw 1 3/4 to 2 1/4 cent gains across the three exchanges on Wednesday, with some help from a little short covering. Preliminary open interest was down 5,211 contracts in Chicago. Trade estimates ahead of the USDA weekly Export Sales report are 200,000-500,000 MT for wheat, with last week’s total at 487,672 MT. Egypt’s GASC is tendering for wheat with mid-late Sept delivery, with results expected later today. US SRW FOB prices are still expensive vs. other major competitors, with HRW cheaper than most (but freight cost also matters!). --provided by Brugler Marketing & Management

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