Wheat Market News and Commentary

Wheat futures closed Thursday with most contracts 2 to 5 cents in the green. Heavy snow accumulations in the North are pushing back planting into May for much of the Spring Wheat area. All old crop wheat export sales for the week that ended on April 4 were reported at 272,965 MT by the USDA this morning. That was well below last week and shy of estimates, but more than double the same week in 2018. With the sales improving vs. year ago, total commitments are now 6.8% above this week in 2018. Sales for new crop wheat were tallied at 201,410 MT for that week, above the trade range of estimates. Egypt’s GASC is tendering for wheat delivered in late May/early June, with the tender to close on Friday. Algeria’s latest round of buying saw a purchase of at least 330,000 MT of wheat, with some traders hinting that it could be upwards of 540,000 MT. French wheat is typically the origin due to lower freight costs, though US has been competitive.

May 19 CBOT Wheat closed at $4.60 1/2, up 2 1/2 cents,

May 19 KCBT Wheat closed at $4.30 1/2, up 4 1/4 cents,

May 19 MGEX Wheat closed at $5.33 1/4, up 3 cents

--Provided by Brugler Marketing & Management

Market Commentary provided by:

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