Wheat Posts Modest Bounce From Chart Support
BRUG - Wed Apr 17, 4:38PM CDT

Wheat futures were UNCH to 3 3/4 cents higher in the winter wheat contracts on Wednesday. MPLS was also higher by 1/4 to 1 3/4 cents. The 6-10 day outlook shows high odds of warmer than normal temps for most of the US next week, with slightly elevated odds for precipitation. There is still quite a bit of snow cover in the northern Plains from the recent storm. Census trade data, released on Wednesday morning, showed the largest wheat exports for February since 2012/13 at 2.262 MMT. That was a 61.97% jump from 2018 and 12.95% larger than January. The trade range of estimates for old crop wheat export sales in the week of April 11 is 200,000-400,000 MT. Analysts also see 150,000-300,000 MT for new crop bookings. USDA will release that report on Thursday morning.

May 19 CBOT Wheat closed at $4.47, up 2 cents,

May 19 KCBT Wheat closed at $4.20 1/2, up 3 1/2 cents,

May 19 MGEX Wheat closed at $5.27 1/2, up 1/4 cent

--Provided by Brugler Marketing & Management

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