Spring Wheat Futures PricesThu, Apr 24th, 2014
Latest Brugler Spring Wheat Report
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Wheat futures closed 13 to 15cents higher on the day. The May 14 KCBT contract displayed the most strength and closed at $7.61. The Drought Monitor confirmed deteriorating conditions in western KS. Morocco was said to have purchased 30,000 MT of wheat from Poland. Moroccan wheat production may be as small as 3.7 MMT this year vs. 7 MMT last year. StatsCan planting intentions were reported at 24.8 ma. Estimates were expected around 24.4 ma compared to 26.4 ma last year. Pre-report estimates for the USDA Export Sales report were 325,000 to 900,000 MT. USDA put the actual figures at 610,800 MT (including 271,700 MT for 14/15). Total commitments as a % of total exports are now at 97% compared to 100% last year and the 5 year average of 101%.
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