Wheat Market News and Commentary

Wheat futures are trading 3 to 12 cents lower in most contracts (excluding soon to expire March) at midday. Monthly trade data from Census (still delayed by the shutdown) indicated that 2.237 MMT (82.2 mbu) of all wheat was exported in December. That was the most since Sep 2017 and 12.84% above a year ago. The latest Commitment of Traders report indicated specs in Chicago wheat futures and options held a net short position of 58,567 contracts on 2/26. They held a record reported net short position in KC wheat futures and options on that date at -41,557 contracts. The average trade estimate for 18/19 wheat ending stocks prior to this week’s WASDE report is 1.020 bbu, which would be up 10 mbu from last month

Mar 19 CBOT Wheat is at $4.45, down 9 1/4 cents,

Mar 19 KCBT Wheat is at $4.36, down 8 cents,

Mar 19 MGEX Wheat is at $5.57, up 3 cents

--provided by Brugler Marketing & Management

Market Commentary provided by:

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