Wheat is Down As US Left Out of Egyptian Tender

Wheat futures are trading fractionally to 2 cents lower in the winter wheat contracts. MPLS is down 5-6 cents on profit taking after rallying 12 cents this week from the contract low. With the sales improving vs. year ago, total commitments are now 6.8% above this week in 2018. They are now 96% of the newly updated USDA projection of 945 mbu, with the 5-year average at 102%. Egypt’s GASC purchased 240,000 MT of wheat in their tender on Friday. It was all Black Sea origin, with 180,000 MT sourced from Romania, and 60,000 MT for Ukraine. US did present the cheapest FOB offer but was priced out when including freight.

May 19 CBOT Wheat is at $4.60 1/2, down 1/4 cent,

May 19 KCBT Wheat is at $4.30, down 1/2 cent,

May 19 MGEX Wheat is at $5.28 1/4, down 5 cents

--Provided by Brugler Marketing & Management

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