Wheat Lower on Rain Forecasts in the Southern Plains
BRUG - Mon Apr 22, 12:09PM CDT

Wheat futures are posting 5 to 10 1/2 cent losses on Monday. KC and MPLS are posting new contract lows. The 7-day QPF shows heavy rainfall in parts of TX and OK over the next week. Parts of KS, CO and NE saw rains last night into this morning. USDA will release their weekly Crop Progress report this afternoon, with spring wheat planting progress seen at around 7% by trade estimates. Winter wheat conditions are expected to be steady (60% gd/ex) from last week, with estimates ranging from 58%-61%. CFTC released Commitment of Traders data on Friday afternoon. As of 4/16 COB, spec funds were net short 63,076 contracts in Chicago SRW futures & options. That was 8,808 more net short than the previous week. They extended their net short position in KC wheat futures and options by 6,502 contracts to a record 54,295 contracts net short.

May 19 CBOT Wheat is at $4.36 3/4, down 7 1/2 cents,

May 19 KCBT Wheat is at $4.11 1/4, down 8 3/4 cents,

May 19 MGEX Wheat is at $5.12 3/4, down 10 1/2 cents

--Provided by Brugler Marketing & Management




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