Wheat Market News and Commentary

Wheat futures are 7 to 9 cents lower in the Chicago and KC contracts this morning, with Minneapolis spring wheat 2 to 3 3/4 cents lower. The market posted 18 to 24 cent gains in most winter wheat contracts on Turnaround Tuesday. Chicago preliminary open interest dropped only 2,420 contracts, modest short covering for the size of the price change. MPLS was 11 to 14 1/2 cents higher. Analysts with IEG Vantage trimmed their 2019 US all wheat planting acreage estimate to 46.722 million acres, with most of the reduction to other spring wheat acres. Winter wheat ratings were reported at 51% gd/ex in KS on Monday afternoon, up 2%, with OK 3% higher at 56%gd/ex. Ratings in TX were down 8 to 28% gd/ex. Japan’s weekly MOA tender is seeking 116,365 MT of wheat from the US, Canada, and Australia, with 35,340 MT sought from the US.

--provided by Brugler Marketing & Management

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