Spring Wheat Futures PricesMon, Apr 27th, 2015
Latest Brugler Spring Wheat Report
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Wheat futures were sharply lower on the day, with double digit losses in the front months on all three major classes; and new life of contract lows. Slow exports and suspected improvement in crop conditions were the main drivers. Weekly crop condition ratings tonight, however, showed no change from last week in the good/excellent category. The, Brugler500 Index slipped two points as some of the poorer wheat deteriorated. The Spring Wheat crop was reported at 55% planted when the 5year average is only 29% for this date. The USDA Export Inspections report this morning showed 543,929 MT shipped last week, down 11% from the previous week. Year to date shipments are 282 million bushels below last year. Russian wheat exports since July 1 total 19.8 MMT vs. 16.6 the previous year. That is up 117 million bushels and accounts for a good chunk of the US shortfall. The EU has also gained market share.
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