Wheat Market News and Commentary

Wheat futures were down 1 to 2 1/2 cents in the nearby winter wheat contracts. Heavy snow fall expected in HRS country this week supported the MPLS market, up 5 to 7 1/4 cents. Trade range of estimates ahead of Thursday’s Export Sales report are showing 300,000-500,000 MT of old crop wheat bookings and 100,000-200,000 MT for new crop in the week that ended in April 4. Japan’s MOA has set a tender due on Thursday for 113,124 MT of wheat from US, Canada, and Australia, with 55,709 MT sought from the US. The Philippines is also tendering for 165,000 MT of international wheat.

May 19 CBOT Wheat closed at $4.58, down 1 1/2 cents,

May 19 KCBT Wheat closed at $4.26 1/4, down 1 1/4 cents,

May 19 MGEX Wheat closed at $5.30 1/4, up 7 1/4 cents

--Provided by Brugler Marketing & Management




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