Wheat Market Mostly Higher on HRS Planting Delays

Wheat futures settled with fractional to 3 cent gains in the CBT and MPLS contracts on Thursday, with KC fractionally mixed. Parts of The Dakotas and MN are expected to see snow this weekend, likely delaying planting even further. May options expire on Friday. USDA reported 425,255 MT in all wheat old crop export bookings for the week of April 18. That is up 33.8% from the week prior and 43.09% larger than the same time last year. Mexico was the lead buyer of 160,800 MT. There are nearly 5.25 MMT in unshipped 18/19 sales (80% larger yr/yr) with just under a month and a half left in the MY. New crop sales totaled 226,189 MT. IKAR expects Russian wheat production in 2019 to total 80.1 MMT. A total of 600,000 MT of optional origin wheat is sought in a Saudi Arabia tender. World wheat production for 19/20 was increased by 3 MMT according to IGC projections, with carryover for new crop up 4 MMT to 274 MMT. Their Russian production projection is 79.5 MMT.

May 19 CBOT Wheat closed at $4.34 3/4, up 2 1/2 cents,

May 19 KCBT Wheat closed at $4.04 1/4, down 1/4 cent,

May 19 MGEX Wheat closed at $5.05, up 1 3/4 cents

--provided by Brugler Marketing & Management

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