Wheat futures are mostly 1 to 2 cents per bushel lower this morning. They settled with most CBT contracts steady to 2 1/4 cents higher on Monday. MPLS was mixed, with front month March up 5 1/4, as KC was 1 3/4 cents lower to 2 cents higher. Monday’s USDA Export Inspections report indicated that 562,307 MTs of wheat were exported in the week ending 2/7. That was up 27% from the previous week and 12.5% larger than this time in 2018. Cumulative shipments since June 1 are now within 1.754 MMT (64 million bushels) of last year. The 36 mbu jump in projected 18/19 US carry out on Friday was due to a 30 mbu decrease to feed and residual and 6 mbu lower for seed usage. USDA stuck to their guns on the export number.
--provided by Brugler Marketing & Management