Wheat Market News and Commentary

Wheat futures closed the Wednesday session with most winter wheat contracts 8 to 13 3/4 cents lower, and MPLS down 2 to 3 1/2 cents. US FOB prices were above French ~$5/ton on Tuesday afternoon, an input in today’s sell off. Analysts expect Thursday morning’s Export Sales report to show all wheat sales of 200,000-500,000 MT in the final week of February. 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 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.

May 19 CBOT Wheat closed at $4.50, down 12 3/4 cents,

May 19 KCBT Wheat closed at $4.38 1/2, down 12 3/4 cents,

May 19 MGEX Wheat closed at $5.53, down 2 1/2 cents

--provided by Brugler Marketing & Management

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