Spring Wheat Futures PricesFri, Mar 7th, 2014
Latest Brugler Spring Wheat Report
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Wheat futures closed 4 to 10 cents higher on the day. The thinly traded Mar 14 MGEX contract displayed the most strength and was up a dime. As of the close last Tuesday, managed money accounts decreased their short position in CBT wheat from the previous week by 14,271 contracts bringing their overall net short position to only 6,040 contracts. Paris milling wheat futures were up 6.75 at 2.15. Trader talk is that Iraq bought 200,000 MT of Australian and Canadian origin wheat. The trade average-guess for US wheat ending stocks in the March 10 USDA report is 570 million bushels, according to a Bloomberg survey. According to Reuters, the Canadian government is issuing regulations requiring the two Canadian railroads to move at least 500,000 MT of grain per week in an effort to clear a massive shipping backlog. The railroads have 30 days to ramp up deliveries (which should coincide with better weather) or risk daily fines.
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