Wheat (P) Futures PricesWed, Apr 16th, 2014
Latest Brugler Wheat (P) Report
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Wheat futures closed 11 to 13 cents lower on the day. The May 14 contract traded as high as $7.11 earlier in the session but was unable to maintain a firm bid and closed at $6.88. Ideas of freeze damage in the Plains were supportive for the trade yesterday, but improved rain chances are seen ultimately and took the lead as the bearish catalyst today. Profit taking by nervous longs ahead of the three day weekend was also a feature. Jordan was said to have purchased 150,000 MT of optional origin wheat yesterday. Japan is tendering for 136,200 MT of food grade wheat in the weekly MOA tender. Trade estimates for USDA export sales in the morning are 250-850,000 MT.
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