Wheat Market News and Commentary

Wheat futures closed Thursday with most contracts steady to 3 cents higher, with a couple MPLS contracts fractionally lower. Strength in corn and short covering late in the session offset a stronger US dollar. All wheat old crop exports sales for the week of 3/14 were tallied at 298,574 MT this morning, below trade estimates but 12.58% larger than the same week a year ago. South Korea bought 75,500 MT, with reductions of 45,000 MT for Singapore (switched to Sri Lanka). New crop sales were reported at 138,816 MT, with total forward sales for 19/20 YTD up 11.6% over last year. Total export commitments are now 3.1% larger than the same time in 2018.

May 19 CBOT Wheat closed at $4.66 1/2, up 1 3/4 cents,

May 19 KCBT Wheat closed at $4.47, up 3 cents,

May 19 MGEX Wheat closed at $5.71 1/4, down 1/4 cent

--provided by Brugler Marketing & Management




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