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Wheat Mar '18 (ZWH18)

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Brugler report

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Thu Jan 18, 7:28AM CST
Wheat futures are mostly 1 to 3 cents higher this morning, with Minneapolis the firmest. They closed the Wednesday session with most HRW and SRW contracts 3 to 5 cents in the green on short covering. MPLS HRS contracts were fractionally higher. The FSA reported that US wheat producers enrolled 619,685 prevent plant acres for the 2017 wheat crop. That was the fewest number of acres since 2012 and was 65.33% lower than the previous year. The moral is that in drought years (see MT, Dakotas), the crop gets planted and abandoned later. The same tendency was shown in the winter wheat acreage report last Friday. Ukraine wheat exports have totaled nearly 11.7 MMT during the 17/18 marketing year so far according to their ag ministry, which lags the same time in the previous year by 0.6 MMT. The weekly USDA Export sales report will be delayed until Friday because of the Monday holiday.
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