Wheat Market News and Commentary

Wheat futures closed Thursday with MPLS steady to 2 cents lower. The winter wheat contracts were mostly 5 to 11 3/4 cents in the red. A stronger US dollar is not helping to keep US exports competitive on the international market. French milling wheat on the Matif was lower again on Thursday. All wheat export sales in the week of Feb 28 totaled 621,696 MT for 18/19 with 204,987 MT for new crop bookings. The old crop total was 58.81% larger than the same week last year and better than the trade had expected. Mexico bought 156,600 MT, with South Korea at 127,500 MT. Commitments for export are now 2.5% larger than the same time last year. The average trade guess for world wheat ending stocks in seen at 267.47 MMT, slightly below the Feb projection.

May 19 CBOT Wheat closed at $4.38 1/4, down 11 3/4 cents,

May 19 KCBT Wheat closed at $4.27 1/2, down 11 cents,

May 19 MGEX Wheat closed at $5.53, unch,

--provided by Brugler Marketing & Management

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