Wheat futures are mostly 4 to 7 1/4 cents higher in the May contracts, as March is showing limited volume ahead of next week’s expiration. In this morning’s USDA Export Inspections report, 400,937 MT of all wheat shipments were recorded. That was a jump of 43.07% from last week’s report but was down 31.3% from this time last year. The Commitment of Traders report released on Friday showed spec traders at a net short position of 60,632 contracts in CBT wheat futures and options. In KC wheat futures and options, they held a net long position of 11,008 contracts. The ABARE in Australia estimates that the 18/19 wheat crop will total 23.7 MMT, 11.8% larger than their depressed total from 17/18.

May 18 CBOT Wheat is at $5.04, up 4 cents,

May 18 KCBT Wheat is at $5.41, up 7 1/4 cents,

May 18 MGEX Wheat is at $6.25 1/4, up 5 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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