Wheat futures are 1 to 3 cents lower in the winter wheat markets after seeing most contracts steady to 3 1/2 cents higher on Turnaround Tuesday. Minneapolis spring wheat futures are 1 to 2 cents higher ahead of the Stats Canada acreage report (expected to show larger wheat intentions than year ago). 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 tender on Tuesday. SovEcon did trim their Russian wheat exports for 18/19 by 0.2 MMT to 34.9 MMT. Russian exports YTD are down 3% from last year despite a much smaller 2018 crop. Stocks have been drawn down.
--provided by Brugler Marketing & Management