AgriCharts Market Commentary

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Wheat

Wheat futures are trading 2 to 2 lower this morning in the Chicago and KC contracts. MPLS spring wheat is fractionally higher. They were 3 to 4 cents higher in most CBT contracts yesterday, with KC 1 to 2 cents higher. MPLS had been steady to 1 1/2 cents lower in most contracts. The USDA Export Inspections report indicated 337,980 MT in wheat exports for the week of January 18. That was an increase of 16.96% from the same week in 2017 but lagged last week by 8.60%. During the 17/18 MY, 15.475 MMT of wheat has been inspected for export, 6.08% behind last year. All wheat export commitments are 75% of the full year export projection by the USDA. The average for this time of year is 81%, with last year running 82%.

Wheat

Wheat futures were 3 to 4 cents higher in most CBT contracts, with KC 1 to 2 cents higher today. MPLS was steady to 1 1/2 cents lower in most contracts. The USDA Export Inspections report indicated 337,980 MT in wheat exports for the week of January 18. That was an increase of 16.96% from the same week in 2017 but lagged last week by 8.60%. During the 17/18 MY, 15.475 MMT of wheat has been inspected for export, 6.08% behind last year. All wheat export commitments are 75% of the full year export projection by the USDA. The average for this time of year is 81%, with last year running 82%.

Mar 18 CBOT Wheat closed at $4.25 3/4, up 3 cents,

Mar 18 KCBT Wheat closed at $4.28 1/2, up 1 cent,

Mar 18 MGEX Wheat closed at $6.07, down 1 1/2 cents

Wheat

Wheat futures are currently 2 to 3 cents higher in most CBT contracts, with KC up 1 1/2. MPLS contracts are fractionally lower. The USDA Export Inspections report indicated 337,980 MT in wheat exports for the week of January 18. That was an increase of 16.96% from the same week in 2017 but lagged last week by 8.60%. All wheat export commitments are 75% of the full year export projection by the USDA. The average for this time of year is 81%, with last year running 82%. The Commitment of Traders report on Friday afternoon showed spec funds reducing their net short position in KC wheat by 5,214 contracts for the week ending 1/16 to a net position of -12,386 contracts.

Mar 18 CBOT Wheat is at $4.26 1/2, up 3 3/4 cents,

Mar 18 KCBT Wheat is at $4.29 1/2, up 2 cents,

Mar 18 MGEX Wheat is at $6.07 1/2, down 1 cent

Wheat

Wheat futures are mostly 2 cents higher in spring wheat, 3 cents higher in HRW futures and 4 cents higher in the Chicago SRW contracts. They were down 1 to 3 cents in most contracts ahead of the weekend. MPLS contracts were steady to 3 cents lower. The USDA Export Sales report showed that all wheat export shipments picked up to 422,383 MT, edging out this time last year by 6.99% and well above the previous week. With the smaller amount of sales, total commitments of wheat exports slipped to 8.8% behind last year. The Commitment of Traders report on Friday afternoon showed spec funds reducing their net short position in KC wheat by 5,214 contracts for the week ending 1/16 to a net position of -12,386 contracts.

Wheat

Wheat futures were down 1 to 3 cents in most contracts ahead of the weekend, on the heels of a slow Export Sales report. MPLS contracts are steady to 3 cents lower. The Export Sales report this morning showed all wheat sales of just 153,115 MT, the fourth smallest sale this marketing year. That was above last week’s MY low, but still lags this time in 2017 by 36.9%. Japan purchased a majority of that total at 97,200 MT. There were an additional 37,500 MTs in new crop sales, bringing the total 18/19 sales to 241,252 MT, 1.5% shy of this time last year. Wheat export shipments picked up to 422,383 MT, edging out this time last year by 6.99% and well above the previous week. The Commitment of Traders report on Friday afternoon showed spec funds reducing their net short position in KC wheat by 5,214 contracts for the week ending 1/16 to a net position of -12,386 contracts.

Mar 18 CBOT Wheat closed at $4.22 3/4, down 2 1/2 cents,

Mar 18 KCBT Wheat closed at $4.27 1/2, down 2 cents,

Mar 18 MGEX Wheat closed at $6.08 1/2, down 2 cents


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com