Wheat futures are 5 to 8 cents per bushel higher this morning. The MPLS contracts were 7 to 9 1/2 cents lower yesterday, as KC was down 1 to 7 cents. CBT was down 1 to 2 1/2 cents in the front months but saw gains in the deferred contracts. All wheat export sales for the week of May 16 totaled 48,395 MT for old crop. Unshipped sales are now at 2.684 MMT with just 2 reporting weeks left in the MY. New crop sales were reported at 344,852 MT. Planalytics raised its forecast for average US winter wheat yield to 52 bushels per acre from 51.1 bpa. Russia’s Ag Ministry expected the 2019 wheat crop to total 75 MMT, below USDA’s 77 MMT projection. Private forecasters have been raising their estimates to 81-83 MMT, with ProZerno the latest at 82.3 MMT.
--provided by Brugler Marketing & Management