Wheat Lower on Favorable Weather
BRUG - Mon Apr 22, 5:21PM CDT

Wheat futures closed with 5 to 14 cent losses on Monday. KC and MPLS posted new lows in several contracts. The 7-day QPF shows heavy rainfall in parts of TX and OK over the next week. Parts of KS, CO and NE saw rains last night into this morning. After the close, NASS showed winter wheat conditions improving 2% to 62% gd/ex and 5 points on the Brugler500 index to 366. The crop was also seen at 9% headed, vs. the 18% average and 12% last year. The spring wheat crop was shown at 5% planted lagging most estimates. That was well below the 22% average but above 3% from last year. Wednesday’s Stats Canada report is expected to show 24.8 million acres of all wheat for 2019, slightly higher than the 27.73 million from 2018. Durum is expected to be down 1 million acres to 5.2 million acres.

May 19 CBOT Wheat closed at $4.35 3/4, down 8 1/2 cents,

May 19 KCBT Wheat closed at $4.11 3/4, down 8 1/4 cents,

May 19 MGEX Wheat closed at $5.09 1/4, down 14 cents

--Provided by Brugler Marketing & Management

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