Wheat Higher in All Three Markets Overnight
BRUG - Thu May 16, 7:27AM CDT

Wheat futures are 7 1/2 to 11 cents higher this morning with Chicago SRW in the lead and MPLS spring wheat lagging. They ended Wednesday with the nearby HRW and HRS contracts 4 to 9 cents lower, and CBT fractionally mixed. The nearby CBT-KC spread is now 46 3/4 cents, the biggest SRW premium (or HRW discount) since 2007. Preliminary open interest for Chicago SRW sank 11,105 contracts, with long liquidation noted in July and September. Traders are looking for USDA to show 0-250,000 MT for old crop wheat export sales and 150,000-350,000 MT for new crop delivery in this morning’s weekly report. Ukraine’s wheat crop for 2019 is expected to be at 26.2 MMT according to one of the country’s consultants, up 1.6 MMT from their previous number. USDA is at 29 MMT--provided by Brugler Marketing & Management

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