Wheat Market News and Commentary

Wheat futures are mostly 2 to 3 cents higher this morning in the winter wheat contracts. MPLS spring wheat is hovering around UNCH. They posted 5 to 8 1/2 cent gains in most contracts on Thursday, following the rest of the grain complex. Japan purchased 111,961 MT of wheat in their weekly MOA tender from Australia, Canada, and the US, with 52,971 MT US specific. Strategie Grains trimmed their 19/20 EU soft wheat production estimate by 0.6 to 146.4 MMT. That would be 15.18% larger than the 18/19 crop of 127.1 MMT. There is also a little talk about potential winter kill on winter wheat, but percentage of the crop with snow cover and the actual low temps observed on bare fields will be the determinants. It also tends to be difficult to prove until the spring green up.

--provided by Brugler Marketing & Management




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