Wheat Market News and Commentary

Wheat futures were fractionally mixed in the CBT market, with KC up 1 to 2 3/4 cents. MPLS was down 3 to 7 1/2 cents. Concerns about increased spring wheat acres in Canada (from the loss of canola business to China) have pressured HRS futures. The USDA reported 704,724 MT of old crop all wheat export sales in the week that ended on 3/28. That was well above the same week last year and the fourth largest weekly total this MY. Iraq purchased 200,000 MT, with Egypt buying 119,500 MT (both known through the daily flash sales reports). New crop sales were a marketing year high 312,816 MT. Shipments of wheat in that week were at 415,825 MT, with YTD exports still down 3.58% yr/yr. Total commitments for export are now 6% larger than that same week in 2018. In their weekly MOA tender, Japan purchased 119,902 MT of US and Canadian wheat on Thursday, with 84,254 MT US origin.

May 19 CBOT Wheat closed at $4.70 3/4, down 1/4 cent,

May 19 KCBT Wheat closed at $4.39 1/2, up 2 3/4 cents,

May 19 MGEX Wheat closed at $5.27 1/4, down 7 1/2 cents

--Provided by Brugler Marketing & Management




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