Wheat futures are mostly steady to 4 cents lower at midday. This morning, USDA raised their US ending stocks estimate to 1.087 bbu, up 32 mbu from March. Feed and residual usage was trimmed 10 mbu, with exports down another 20 mbu to 945 mbu. World stocks were up a sharp 5.08 MMT to 275.61 MMT, mainly on the increase to US and Argentine stocks and larger carryout to select major importers. The weekly Crop Progress report from NASS indicated that just 1% of the spring wheat crop was planted as of 4/7, shy of the 5% average. The winter wheat crop was 3% headed on Sunday, lagging the 4% average. Conditions rose 4% to 60% gd/ex, or 361 on the Brugler500 rating. That is well above this time last year and up 5 points from last week.
May 19 CBOT Wheat is at $4.61 1/2, down 3 3/4 cents,
May 19 KCBT Wheat is at $4.29 3/4, down 1 3/4 cents,
May 19 MGEX Wheat is at $5.22 3/4, down 1 1/4 cents
--Provided by Brugler Marketing & Management