Wheat futures are 1 to 2 cents lower heading into the morning break. They closed Thursday with most CBT and MPLS contracts 1 to 5 1/4 cents higher, with CBT steady to fractionally lower. All wheat sales totaled 262,973 MT for old crop in the week of 3/7, well shy of estimates. New crop sales totaled 83,038 MT. Nigeria was the lead buyer of both old and new at 106,300 MT and 48,020 MT respectively. Even with the lower sales total this week, commitments are now 3% above a year ago. ProAgro estimates the Ukraine 2019 wheat harvest at 28.3 MMT, up from 27.6 MMT in 2018. Ukrainian wheat exports from last year’s crop are running 5% below the previous year due to lack of inventory. Turkey purchased 290,000 MT of wheat in their tender on Thursday. Tunisia, Bangladesh and Algeria have also been drawn into the market by the recent price decline.
--provided by Brugler Marketing & Management