Wheat Closes with Tuesday Losses

Front month wheat futures closed the Tuesday session with additional losses. CBT wheat futures closed the session 7 to 7 3/4 cents in the red, with a 14 3/4 cent drop for in delivery December contracts. KC ended the session 7 3/4 to 8 cents in the red. MPLS spring wheat futures was 3 1/2 to 4 1/2 cents lower. Estimates ahead of Stats Canada’s Crop Production report average 34.6 MMT of wheat production, which would be a 455k MT increase if realized. A Russian report suggests 22% of winter grain is in poor condition, the portion largest for the category since 2013. Japan’s MOA issued the regular food wheat tender seeking 67k MT from U.S. and 60k MT from Canada and Australia. ABARES hiked projected Aussie production to 31.17 MMT, which would be the largest since the 31.819 MMT in 2016/17.

Mar 21 CBOT Wheat closed at $5.77 1/4, down 7 3/4 cents,
Mar 21 KCBT Wheat closed at $5.39, down 8 cents,
Mar 21 MGEX Wheat closed at $5.49 1/4, down 3 3/4 cents,

--- provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.