Wheat Market 3 to 7 Cents Lower This Morning

The wheat markets are 3 to 7 cents lower this morning after closing mostly higher on Tuesday. Chicago is down the most, with MPLS spring wheat the firmest of the three. Yesterday, KC HRW wheat led the gains, with the front months 6 1/4 to 7 1/4 cents higher. CBOT wheat was lower in May but 4 1/4 and 6 1/4 cents higher in the other nearbys. Spring wheat futures were 3 1/2 to 4 1/2 cents higher in the front months. Wheat planting intentions for the 2020/21 crop are 44.655 MA. That is down 503,000 acres from last year. The largest nominal winter wheat planting increase yr/yr was in TX; with 300,000 acres more than the 2019/20 crop. Montana winter wheat plantings totaled 1.6 MA which was the largest decrease yr/yr. March 1 wheat stocks were 181 mbu below last year, with the USDA Grain Stocks report showing 1.412 bbu.

--- provided by Brugler Marketing & Management

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