Wheat Market Mixed With MPLS Higher

Wheat futures are 2 to 4 cents lower in the Chicago and KC contracts this morning. MPLS spring wheat is fractionally higher. They posted 12 to 22 3/4 cent losses in most contracts on Wednesday, with KC leading the way to the downside. Forecasts show lighter rainfall totals in the Southern Plains over the next week than previously projected. Spring wheat planting estimates from IEG Vantage show 12.2 million acres other than durum, which is below the USDA’s earlier 12.8 million acres. The same group has all wheat acreage at 45 million, down ~800,000 from USDA’s latest number. Ahead of this morning’s Export Sales report, analysts expect USDA will show net reductions of 100,000 MT to 200,000 MT in old crop sales due to rollovers. New crop estimates are running 100,000-400,000 MT due to rising prices in the week ending May 30.

--provided by Brugler Marketing & Management




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