Wheat futures are mostly 4 to 8 cents lower this morning. They finished with gains of 8 to 11 1/2 cents in most CBT and KC contracts, erasing Friday losses. MPLS was 16 1/2 cents higher in March on low volume, as most other contracts were up 3-4 cents. In Monday 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. Winter wheat ratings in KS were reported at 13% gd/ex up 1, with the Brugler500 rating down 2 at 249 on higher p/vp ratings. OK saw an improvement of 5 points to 193, as the gd/ex is now at 6%. Ratings in TX were 14 points higher at 213 on a scale of 500, with the gd/ex now at 10%, up 5 from last week. 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. Egypt’s GASC is seeking wheat for mid-April delivery, with results expected later today.

Market Commentary provided by:

Brugler Marketing & Management LLC
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