Wheat futures are trading 1 to 4 cents higher in the HRW and SRW contracts this morning, with the MPLS spring wheat most more than a penny per bushel lower. They posted double digit losses in MPLS and Chicago futures on Friday and just barely avoided them in KC HRW with its 8 3/4 to 9 3/4 cent losses. Even after the sell off, KC March was up 53 cents per bushel for the week (11.3%) on declining crop condition ratings. Wheat export shipments totaled 330,694 MT last week, falling 20.9% from the previous week total and 35.53% behind the same week last year. Commitments for all wheat exports are now 12.4% lower than this time in 2017. They are 84% of the USDA projection, vs. 93% last year and the average of 92%.

Market Commentary provided by:

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