Wheat futures are higher across the board as subzero temps over the weekend are thought to have done some damage to the winter wheat crop in the US. European crops are lacking snow cover but have not seen the extremely cold temps. That said, winterkill is notoriously difficult to quantify ahead of the crop breaking dormancy in February. This morning, USDA indicated wheat export loadings totaled a paltry 274,506 MT last week. That was down 32% from the same week in 2016. Shipments since June 1 are 37 million bushels smaller than last year. The Commitment of Traders report showed the big manage money spec funds lightening up ahead of year end. They were still net short 145,735 contracts in CBT wheat on 12/26. The EU Commission today cut projected 2017/18 EU wheat exports from 27 MMT to 26 MMT, while also trimming their estimate of last year’s production by 500,000 MT.

Mar 18 CBOT Wheat is at $4.35 1/2, up 8 1/2 cents,

Mar 18 KCBT Wheat is at $4.35 3/4, up 8 1/2 cents,

Mar 18 MGEX Wheat is at $6.20 1/2, up 5 3/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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