Wheat Posts New Lows and Tries to Bounce

Wheat futures are trading UNCH to 2 3/4 cents higher on Turnaround Tuesday buying this morning. All three markets are in plus territory. They closed with 5 to 14 cent losses on Monday. KC and MPLS posted new lows in several contracts. The 7-day QPF shows heavy rainfall in parts of TX and OK over the next week. After the Monday close, NASS showed winter wheat conditions improving 2% to 62% gd/ex and up 5 points on the Brugler500 index to 366. That’s the highest rating since 2010 for this date. The crop was 9% headed, vs. the 18% average for this date and 12% last year. The spring wheat crop was 5% planted. That was well below the 22% average but above 3% from last year. Wednesday’s Stats Canada report is expected to show 24.8 million acres of all wheat for 2019, slightly higher than the 27.73 million from 2018. Durum is expected to be down 1 million acres to 5.2 million acres according to published trade estimates.

--provided by Brugler Marketing & Management

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