Wheat

Wheat futures are currently 10 to 13 1/2 cents lower in most contracts on Friday. This morning’s Winter Wheat Seedings report showed 32.6108 million acres of winter wheat was planted last fall. That was down 88,000 acres from last year and is the lowest since 1909. It was much larger than expected, however. It included a reduction of HRW at 23.1 million acres, as both SRW and White was increased slightly to 5.98 million and 3.56 million acres respectively. Stocks of wheat on December 1 totaled 1.874 bbu, down 203 mbu from last year and in line with expectations. US old crop ending stocks were shown at 989 mbu, as imports were raised and feed usage was trimmed. World ending stock tallied 268.02 MMT, down 0.4 from December. A reduction in Australia’s carryover by almost 3 MMT offset a 2 MMT increase in Russian production (now 85 MMT). Russian wheat exports from Jan-Nov totaled 28.8 MMT according to the country’s customs data, which is 5.9 MMT larger than the same time in 2016.

Mar 18 CBOT Wheat is at $4.22, down 11 1/4 cents,

Mar 18 KCBT Wheat is at $4.26 3/4, down 13 1/2 cents,

Mar 18 MGEX Wheat is at $6.17, down 12 cents




Market Commentary provided by:

Brugler Marketing & Management LLC
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