Late Buying Brings Wheat Markets Off Their Lows

Wheat futures came back to close 1 to 4 cents higher in the winter wheat contracts on Friday MPLS was down 1 to 2 1/2 cents on profit taking after rallying 12 cents this week from the May contract low. A spring snow storm once again wetted fields and lowered soil temps. Spec traders in KC wheat futures and options trimmed their large net short position by 1,964 contracts in the week ending on April 9 to -47,793 contracts. Export commitments are now 96% of the newly updated USDA projection of 945 mbu, with the 5-year average at 102%. Egypt’s GASC purchased 240,000 MT of wheat in their tender on Friday. It was all Black Sea origin, with 180,000 MT sourced from Romania, and 60,000 MT for Ukraine. The US did present the cheapest FOB offer but was priced out when including freight.

May 19 CBOT Wheat closed at $4.64 1/2, up 4 cents,

May 19 KCBT Wheat closed at $4.34 1/4, up 3 3/4 cents,

May 19 MGEX Wheat closed at $5.31 1/4, down 2 cents

--Provided by Brugler Marketing & Management




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