Wheat futures saw losses in most contracts on Thursday. MPLS was the strongest, steady to 2 cents lower. KC and CBT were down 4 to 6 cents. Weekly sales of old crop US wheat were shown at a disappointing 35,190 MT this morning, with new crop at just 48,208 MT. The WASDE indicated that old crop stocks of US wheat at 1.070 bbu, up 6 mbu, with initial 18/19 projections at 955 mbu, above expectations. US wheat production is seen at 1.821 bbu in 18/19, with winter at 1.192 bbu. HRW was 7 lower than expected at 647 mbu with SRW at 315. World ending stocks of 17/18 wheat are now at 270.45 MMT, a little lower than expectations. New crop stocks projections are seen at 264.33 MMT. Japan purchased 95,740 MT of wheat from Australia and the US in their weekly tender on Thursday, with 61,380 MT from the US.

May 18 CBOT Wheat closed at $5.07 3/4, down 6 3/4 cents,

May 18 KCBT Wheat closed at $5.07 1/2, down 4 1/2 cents,

May 18 MGEX Wheat closed at $6.15 1/4, unch,

Market Commentary provided by:

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