Wheat Market News and Commentary

Wheat futures ended the Thursday session with most contracts 7 to 13 cents lower, with the winter wheat contracts the weakest. All wheat export sales in the week that ended on December 27 were reported at 593,002 MT this morning. That was 12.7% above the week prior and more than 4 times larger than the same Christmas week in 2017. The trade was more concerned about the rising US dollar and Russian hints of more active export sales in March. Japan’s weekly MOA tender showed a total of 59,492 MT of US wheat purchased, with the balance of the 131,165 MT total from Canada and Australia. Friday’s WASDE report is expected to show another increase to the US wheat carryout estimate at 989, 15 mbu larger than the Dec update. Egypt’s GASC released another tender for wheat this afternoon for the last half of March delivery and results to be announced tomorrow.

Mar 19 CBOT Wheat closed at $5.13 1/4, down 12 3/4 cents,

Mar 19 KCBT Wheat closed at $4.96 1/4, down 13 cents,

Mar 19 MGEX Wheat closed at $5.64 1/2, down 8 3/4 cents

--provided by Brugler Marketing & Management

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