Wheat Posts a Turnaround Tuesday Bounce

Wheat futures saw most contracts steady to 3 1/2 cents higher on Turnaround Tuesday. Individual state winter wheat condition ratings from Monday showed KS down 4 points, with OK, IL, and IN also seen lower. The spring wheat crop has yet to be planted in MN and ND according to NASS data, well behind their respective 24% and 12% averages. 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 $4.38 3/4, up 3 cents,

May 19 KCBT Wheat closed at $4.14 1/2, up 2 3/4 cents,

May 19 MGEX Wheat closed at $5.11 1/4, up 2 cents

--provided by Brugler Marketing & Management




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