Wheat futures are displaying 9 to 10 1/2 cents losses in the HRS and SRW contracts at midday, with HRW down 14 to 15 3/4 cents. Parts of HRW country are expected to catch some moisture this weekend from a storm that is bringing blizzard warnings to the Northern Plains. Commitments of all wheat exports are now 15.4% lower than this time in 2017, as sales continue to disappoint. That would place them at 92% of the USDA projection, compared to the average of 101% and last year’s 103%. Taiwan is seeking 92,975 MT of wheat from the US, with the tender to close on April 18. Russia’s IKAR consulting firm increased their export estimate for Russia to 39.5 MMT.

May 18 CBOT Wheat is at $4.70 3/4, down 10 1/4 cents,

May 18 KCBT Wheat is at $4.91 3/4, down 15 3/4 cents,

May 18 MGEX Wheat is at $6.12 1/2, down 10 1/2 cents

Market Commentary provided by:

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