Wheat Showing Double Digit Gains at Midday

Wheat futures are positng double digit gains on Friday, ahead of the Memorial Day weekend. The markets will be closed for the Monday session. Accumulated wheat exports as of May 16 are 91% of USDA’s forecast total, with the normal pace at 96%. Typically Census data runs ahead of the weeks export numbers. Planalytics raised its forecast for average US winter wheat yield to 52 bushels per acre from 51.1 bpa. Private forecasters have been raising their Russian crop estimates to 81-83 MMT, with ProZerno the latest at 82.3 MMT, vs the country’s ag ministry of 75 MMT.

Jul 19 CBOT Wheat is at $4.86 3/4, up 16 1/2 cents,

Jul 19 KCBT Wheat is at $4.40 1/2, up 15 1/4 cents,

Jul 19 MGEX Wheat is at $5.48 3/4, up 14 1/2 cents

--provided by Brugler Marketing & Management

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