Wheat Market News and Commentary

Wheat futures posted steady to 4 cent gains in the MPLS and CBT front months, while KC was steady to 2 1/2 cents lower. The monthly update to USDA’s WASDE report saw US wheat carryout up 36 mbu to 1.01 bbu. That mainly came from revisions to the feed and residual number, with the quarterly stocks updated showing larger wheat stockpiles. The Grain Stocks report indicated that 1.999 bbu of wheat was in on-farm and off-farm storage on Dec 1. That was up 126 mbu from the same time last year. World ending stocks were seen down 0.57 MMT to 267.53 MMT. The Winter Wheat seedings report showed that 31.29 million acres of all wheat was planted this fall, well below estimates and down 1.31 mac from last year. That included 22.2 mac of HRW, 5.66 mac SRW and 3.44 mac of white winter wheat. Egypt’s GASC purchased a total of 300,000 MT of wheat in their tender on Friday. Of the total, 120,000 MT was US and French origin, with 60,000 MT Ukrainian.

Mar 19 CBOT Wheat closed at $5.17 1/4, up 4 cents,

Mar 19 KCBT Wheat closed at $4.94 1/4, down 2 cents,

Mar 19 MGEX Wheat closed at $5.68 1/2, up 4 cents

--provided by Brugler Marketing & Management

Market Commentary provided by:

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