Wheat Markets 1 to 3 cents Lower Overnight
BRUG - Mon May 13, 7:26AM CDT

Wheat futures are trading 1 to 3 cents lower this morning. They posted 6 to 10 3/4 cent losses in most KC contracts on Friday, with July down 3.61% this week. CBT July lost 3.03% Friday to Friday. MPLS was higher for the week due to planting delays. Trade ideas for tonight’s report have spring wheat planting 34-37% complete vs. the five year average of 70% done. USDA cut feed use, export use and other categories to boost their old crop ending stocks estimate to 1.127 bbu. New crop stocks are expected to be around 1.141 bbu. Production for 2019 is seen at 1.897 bbu. They have HRW production at 780 mbu, with SRW at 265 mbu. The WASDE did show a 0.63 MMT reduction to world ending stocks at 274.98 MMT for the 18/19 crop. The first 2019/20 estimate of the year was 293.01 MMT, a 18.03 MMT yr/yr jump with sharp recoveries in production for Australia, Canada and Russia (well below private estimates at 77 MMT). Spec traders in the KC wheat futures and options market extended their record large net short to 58,866 contracts as of Tuesday.

--provided by Brugler Marketing & Management

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