Wheat futures are 4 to 7 cents higher across the three exchanges, with Chicago and KC contracts the firmest. Some HRW areas have sustained frost damage this week, while others have snow on them. The markets closed the Wednesday session with most winter wheat contracts 2 to 6 cents lower. Traders were taking profits after gains over the past week. MPLS was steady to 3/4 cents higher in the front months, with deferred contracts lower. Ahead of USDA’s Export Sales update, traders are expecting old crop wheat activity will be anywhere from net reductions of 100,000 MT to net sales of 200,000 MT. That was for the week of May 16, with new crop sales seen at 100,000-500,000 MT. Old crop shipments need to leave by May 31 to count as 2018/19 exports.
--provided by Brugler Marketing & Management