Wheat Market News and Commentary

Wheat futures settled with most winter wheat contracts steady to 2 cents lower, as MPLS was mixed. Strength in the dollar pressured the market. Front month CBT and KC saw slight gains this week, with MPLS up 3.15%. CFTC data showed that spec funds in KC wheat futures and options added to their record reported net short position as of Tuesday (to 51,380 contracts). Their net short in Chicago was 73,506 contracts on that date. Total old crop export commitments are now 89% of USDA’s export projection, lagging the normal pace of 99%. Taiwan purchased 110,000 MT of US wheat in their tender on Friday. South Korean importers purchased a total of 125,000 MT of optional origin wheat in tenders on Friday.

May 19 CBOT Wheat closed at $4.66, down 1/2 cent,

May 19 KCBT Wheat closed at $4.45, down 2 cents,

May 19 MGEX Wheat closed at $5.72 1/4, up 1 cent

--provided by Brugler Marketing & Management




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