Wheat Market News and Commentary

Wheat futures ended the Friday session with most winter wheat contracts 6 1/2 to 9 1/2 cents higher. MPLS was steady to 3 cents higher. May CBT was up 5.18% this week, with KC 2.84% higher and MPLS up 1%. CFTC data showed KC wheat specs extending their record reported net short position to -49,286 contracts in the week of 3/12. Even with the lower sales total last week, export commitments are now 3% above a year ago. They are 87% of the USDA projected total (revised lower last week), with the 5-year average pace at 97%. Ukraine exporters have shipped 7.7 MMT of milling wheat, which is near the milling wheat export quota of 8 MMT, with the total wheat quota at 16 MMT.

May 19 CBOT Wheat closed at $4.62 1/4, up 9 1/2 cents,

May 19 KCBT Wheat closed at $4.43, up 6 1/2 cents,

May 19 MGEX Wheat closed at $5.54 3/4, up 2 1/4 cents

--provided by Brugler Marketing & Management




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