Wheat futures are +1/2 to +3 1/2 cents this morning, with Minneapolis spring wheat the firmest. Wheat settled Thursday with most KC and CBT contracts 1-3 cents lower, while MPLS was 5-8 cents in the red. Thursday morning’s monthly USDA report did not have very good news for wheat, as 17/18 US ending stocks rose 27 mbu to 960 mbu. Carryover from 16/17 was lowered 3 mbu to 1.181 bbu, and the 17/18 feed and residual number fell 30 mbu. World wheat ending stocks jumped a steep 4.99 MMT to 268.13 MMT, as production in India, Russia and the EU jumped a combined 5.55 MMT. Today’s USDA Export Sales report is expected to show 17/18 all wheat sales for the week of Oct 5 in the range of 300,000-500,000 MT. Japan purchased 106,045 MT of wheat from Australia, Canada, and the US, as 34,175 MT came from the US.

Market Commentary provided by:

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