Wheat

Wheat futures are steady to a penny higher in most CBT contracts, as nearby March is up 9 on thin trade. Both KC and MPLS are up 2 to 4 cents in most contracts, with March also showing low volume. Winter wheat conditions in OK (+15) and TX (+18) improved over the past week to 208 and 231 respectively on the Brugler500 index. The gd/ex ratings were up 3 at 13% in TX, and 7% in OK, 1% higher. Conditions in KS however, deteriorated another 6 points to 243, with the 12% of the crop at gd/ex, down 1 from last week. Taiwan mills purchased 92,465 MT of US wheat on Tuesday. Japan is seeking 119,610 MT of US, Canadian and Australian wheat in their weekly MOA tender that closes on Thursday. Of the total 32,285 MT is to be sourced from the US.

May 18 CBOT Wheat is at $4.91, up 1/4 cent,

May 18 KCBT Wheat is at $5.25 3/4, up 3 1/2 cents,

May 18 MGEX Wheat is at $6.27, up 2 1/2 cents




Market Commentary provided by:

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