Wheat

Wheat futures were mostly 3 to 8 cent lower on Monday, with nearby May expiring today. USDA wheat export inspections for the week of 5/10 were 14.85 mbu by the USDA this morning. That is 21.7% above the previous week but 41.85% behind this time last year. Exports YTD are now lagging last year by 12%, with just 3 more reporting weeks in the marketing year (MY). The winter wheat crop was 45% headed as of Sunday per USDA, 8% below the average. Condition ratings on that date were shown to improve 2% over the week to 36% gd/ex. That put the Bruger500 index at 293, up 5 points wk/wk but down 44 points from this week last year. Spring wheat planting made decent progress over the last week at 58% complete, still lagging the average of 67% for this date. The crop was 14% emerged, 22% below normal. Egypt’s GASC is seeking wheat for mid-June delivery, with the tender due on Tuesday.

May 18 CBOT Wheat closed at $4.80 1/2, down 9 cents,

May 18 KCBT Wheat closed at $4.96 3/4, down 5 cents,

May 18 MGEX Wheat closed at $6.13 1/2, unch,




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.