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Wheat Down Double Digits

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Wheat futures are down at midday, with May SRW futures the weakest. SRW wheat is down 11 1/4 cents at midday on spread unwinding. HRW futures are 7 1/2 cents lower in the May contracts. May HRS futures are trading 7 1/4 cents lower. Wheat bookings from the Export Sales report were 740,048 MT on the week ending 03/19. That was 56% above the sales from the same week last year, and above the pre-report estimates. New crop sales from the same week were 366,350 MT, which was at the high end of estimates. Wheat exports on the MY are 9.6% above last year’s pace, with 19.502 MTM shipped so far. Trade estimates for March 1 wheat stocks are clustering around 1.4 to 1.5 billion bushels. That would be down from 1.59 billion last year. All wheat acreage estimates range from 44 to 46 million acres. If 45 million is realized, that would be about 0.5% below last year.

May 20 CBOT Wheat is at $5.68 3/4, down 11 1/4 cents,

May 20 KCBT Wheat is at $4.93 1/2, down 7 1/2 cents,

May 20 MGEX Wheat is at $5.30 1/4, down 7 1/4 cents,

--- provided by Brugler Marketing & Management

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