Wheat Closes Mostly Lower on Higher Russian Crop Estimates

Wheat futures closed Monday with winter wheat contracts down 1 to 8 cents, with MPLS steady to 5 cents lower and May up 1/2 cent. SovEcon estimates the Russian wheat crop in 2019 at 83.4 MMT, up 3.4 MMT from their prior number. After the close, NASS indicated that just 2% of the spring wheat crop has been planted as of Sunday vs. the 13% average, with MN, SD, and ND still at 0%. Winter wheat was seen at 6% headed, compared to the 9% average. Conditions were shown as steady to 60% gd/ex, with the Brugler500 index remaining at 361. All wheat shipments in the week that ended on April 11 were reported at 511,400 MT by USDA this morning. That was down from the previous week, but 1.28% larger than the same week last year.

May 19 CBOT Wheat closed at $4.59 1/2, down 5 cents,

May 19 KCBT Wheat closed at $4.27 1/4, down 7 cents,

May 19 MGEX Wheat closed at $5.31 3/4, up 1/2 cent

--Provided by Brugler Marketing & Management

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