Wheat Market News and Commentary

Wheat futures are mostly 5 to 7 cents per bushel lower this morning in the Chicago and KC contracts. MPLS spring wheat is down 1/2 to 1 1/2 but supported by concerns about spring planting progress. They 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 the sell off. Analysts expect this 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 wheat exports in December totaled 2.237 MMT (82.2 mbu). That was the most since Sep 2017 and 12.84% above a year ago. The average trade estimate for 18/19 wheat ending stocks in Friday’s WASDE report is 1.020 bbu, which would be up 10 mbu from last month.

--provided by Brugler Marketing & Management

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