Wheat Higher on Turnaround Tuesday

Wheat futures are showing steady to 4 3/4 cent gains in most contracts on Tuesday. After the Monday close, NASS showed winter wheat conditions improving 2% to 62% gd/ex and up 5 points on the Brugler500 index to 366. That’s the highest rating since 2010 for this date. The crop was 9% headed, vs. the 18% average for this date and 12% last year. The spring wheat crop was 5% planted. That was well below the 22% average but above 3% from last year. Taiwan purchased 109,175 MT of US wheat in their recent tender on Tuesday. SovEcon did trim their Russian wheat exports for 18/19 by 0.2 MMT to 34.9 MMT.

May 19 CBOT Wheat closed at $4.39, up 3 1/4 cents,

May 19 KCBT Wheat closed at $4.13, up 1 1/4 cents,

May 19 MGEX Wheat closed at $5.14, up 4 3/4 cents

--provided by Brugler Marketing & Management

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