Wheat Market News and Commentary

Wheat futures posted losses of 8 to 11 cents in most winter wheat contracts on Monday. MPLS was down 2 to 5 cents. The nearby HRS-HRW spread is the largest in over a year (Feb 2018) at $1.36 1/2 as snow cover and cold temps in the Northern Plains are causing concern over spring wheat acres. All wheat export shipments during the week of March 7 totaled 592,001 MT, which was up 21.1% from the week prior and 38.06% larger than the same week last year. A shipment of 42,000 MT of (likely HRS) wheat was headed to China. The US average farm price range for 18/19 wheat was trimmed by 10 cents to $5.10-5.20, with the midpoint UNCH @ $5.15. Egypt’s Supply Minister indicated that he wants origins of wheat imports diversified after rejecting a Romanian cargo on quality issues. French FOB prices were down ~1.3% on Monday, with the Matif futures a few ticks lower.

May 19 CBOT Wheat closed at $4.28 1/2, down 11 cents,

May 19 KCBT Wheat closed at $4.20 1/4, down 10 1/2 cents,

May 19 MGEX Wheat closed at $5.46 1/4, down 3 cents

--provided by Brugler Marketing & Management




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