Wheat futures are lower in all three markets despite the severe cold expected in the central US this weekend amid a lack of snow cover. Areas with little or no snow cover could be at risk of winter kill. That said, winterkill is notoriously difficult to quantify ahead of the crop breaking dormancy in February, and the Russians and Aussies have plenty available for sale. Analysts were expecting to see 250,000-550,000 MT in all wheat export sales of old crop during the week of 12/21. This morning, USDA indicated all wheat export sales for the week ending 12/21 were on the low side at 478,400 MT, with another 62,100 MT for 2018/19 delivery.

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

Mar 18 KCBT Wheat is at $4.26 1/2, down 1/4 cent,

Mar 18 MGEX Wheat is at $6.16 1/2, down 2 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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