Wheat futures closed Tuesday with most contracts steady to 5 3/4 cents lower. 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. USDA raised their cash average price range by a nickel to $5.15-5.25, showing a mid-point of $5.20. 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.
May 19 CBOT Wheat closed at $4.59 1/2, down 5 3/4 cents,
May 19 KCBT Wheat closed at $4.27 1/2, down 4 cents,
May 19 MGEX Wheat closed at $5.23, down 1 cent
--Provided by Brugler Marketing & Management