Wheat Market News and Commentary

Wheat futures came back from morning weakness but still closed mostly lower. The CHI futures were 2 to 4 cents lower. KC held up better, UNCH to ¾ lower. MPLS spring wheat was down 1 to 4 1/4, with selling concentrated in nearby May. The range of estimates for old crop wheat export sales in the week of April 11 had been 200,000-400,000 MT. USDA confirmed 317,700 MTs were sold that week. Analysts also expected to see 150,000-300,000 MT for new crop bookings. The weekly Export Sales report showed 227,800 MT sold for 2019/20 delivery, also within expectations.

May 19 CBOT Wheat closed at $4.44 1/4, down 2 3/4 cents,

May 19 KCBT Wheat closed at $4.20, down 1/2 cent,

May 19 MGEX Wheat closed at $5.23 1/4, down 4 1/4 cents

--Provided by Brugler Marketing & Management

Market Commentary provided by:

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