Wheat

Wheat futures settled the day with most CBT and MPLS contracts 9 to 11 cents lower, as KC was down 17 to 18 cents in the front months. The 5-day QPF shows the Western half of the Southern Plains catching some much needed rains later this week. Overall winter wheat conditions reported by USDA deteriorated by 1 point on the Brugler500 index to 284. That mainly came from a larger increase in v/vp ratings, with gd/ex up 1% to 31%. The crop was 9% headed as of Sunday, with the average at 10% and last year at 18%. The USDA also showed the spring wheat crop progressing 1% from last week to 3% planted vs. the average of 15%. 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.

May 18 CBOT Wheat closed at $4.62 1/4, down 10 1/4 cents,

May 18 KCBT Wheat closed at $4.78, down 17 3/4 cents,

May 18 MGEX Wheat closed at $6.06 3/4, down 10 1/4 cents




Market Commentary provided by:

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