Wheat

Wheat futures are currently 7 to 9 cents lower in the CBT and MPLS contracts, with KC down 14 to 15 1/4 cents. The 5-day QPF shows the Western half of the Southern Plains catching some much needed rains later this week. All wheat export shipments for the week of 4/12 were shown at 483,058 MT by the USDA this morning. That was 11.95% above the week prior but 29.53% lower than this week in 2017. The managed money spec funds cut back their CFTC net short position in Chicago wheat by 18,546 contracts in the week ending 4/10, leaving them at -54,872 ahead of the late week sell off.

May 18 CBOT Wheat is at $4.64 1/2, down 8 cents,

May 18 KCBT Wheat is at $4.80 1/2, down 15 1/4 cents,

May 18 MGEX Wheat is at $6.08 1/2, down 8 1/2 cents




Market Commentary provided by:

Brugler Marketing & Management LLC
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