Wheat Market News and Commentary

Wheat futures are trading fractionally to 2 cents lower in the winter wheat contracts on Wednesday. Heavy snow fall expected in HRS country this week is supporting the MPLS market, up 5 to 6 1/2 cents. USDA raised their US cash average price range by a nickel to $5.15-5.25, showing a new mid-point of $5.20 in Tuesday’s monthly S&D update. Japan’s MOA has set a tender due on Thursday for 113,124 MT of wheat from US, Canada, and Australia, with 55,709 MT sought from the US. The Philippines is also looking for 165,000 MT of international wheat, with a tender to close today.

May 19 CBOT Wheat is at $4.59, down 1/2 cent,

May 19 KCBT Wheat is at $4.27 1/4, down 1/4 cent,

May 19 MGEX Wheat is at $5.29 1/2, up 6 1/2 cents

--Provided by Brugler Marketing & Management

Market Commentary provided by:

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