Spring Wheat Futures Market News and Commentary
The Wednesday wheat markets are double digits lower for midday, with winter wheats down the most. Chicago is 17 3/4 cents lower so far, KC wheat is 17 1/2 cents weaker in May, and MPLS Spring wheat is down by 13 1/2 cents. Wheat planting intentions for the 2020/21 crop are 44.655 MA. That is down 503,000 acres from last year. March 1 wheat stocks were 181 mbu below last year, with the USDA Grain Stocks report showing 1.412 bbu. Algeria purchased 250,000 MT of wheat in an international tender for May-June delivery from unknown sources. Tunisia purchased 75,000 MT of wheat from unknown sources in their international tender.
May 20 CBOT Wheat is at $5.51, down 17 3/4 cents,
May 20 KCBT Wheat is at $4.75 1/2, down 17 1/2 cents,
May 20 MGEX Wheat is at $5.25 3/4, down 13 1/2 cents,
--- provided by Brugler Marketing & Management