Wheat Market News and Commentary

Wheat futures posted 4 to 8 1/4 cent gains in most contracts on Wednesday. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. Where it isn’t melting, the ground is still frozen. All wheat exports sales for the week of 3/14 are estimated in the range of 200,000-450,000 MT for old crop and 100,000-225,000 MT for new crop. Taiwan is seeking 110,000 MT of US wheat in a tender that expires on Friday. Brazil’s Ag Minister stated that the quota of 750,000 MT of tariff free wheat announced yesterday is for global imports, not just US origin according to wire reports. FCStone estimates Brazil imports in 18/19 down 1.3 MMT to 5.7 MMT on larger domestic production. Argentine supplies are also available.

May 19 CBOT Wheat closed at $4.64 3/4, up 8 1/4 cents,

May 19 KCBT Wheat closed at $4.44, up 8 1/4 cents,

May 19 MGEX Wheat closed at $5.71 1/2, up 6 1/4 cents

--provided by Brugler Marketing & Management




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