Wheat Mostly Lower Ahead of Weekly Crop Progress report

Wheat futures are trading 4 to 7 cents lower in the nearby winter wheat contracts, with MPLS Steady to 3 cents lower. All wheat shipments in the week that ended on April 11 were reported at 511,400 MT by USDA this morning. That was down from the week prior, but 1.28% larger than the same week last year. Spring wheat is seen at 4% planted as of 4/14, ahead of the Crop Progress report this afternoon. Winter wheat conditions are seen likely to improve vs. week ago.. Spec traders in KC wheat futures and options trimmed their large CFTC net short position by 1,964 contracts in the week ending on April 9 to -47,793 contracts. SovEcon estimates the Russian wheat crop in 2019 at 83.4 MMT, up 3.4 MMT from their prior number

May 19 CBOT Wheat is at $4.59 3/4, down 4 3/4 cents,

May 19 KCBT Wheat is at $4.27 3/4, down 6 1/2 cents,

May 19 MGEX Wheat is at $5.31 1/4, unch ,

--Provided by Brugler Marketing & Management




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.