Wheat Market Commentary

Wheat futures are currently 2 to 4 cents higher after seeing 1 to 4 cent losses in most contracts on Thursday. USDA increased 2018 production to 1.884 bbu, as seen in the Small Grains report. They left their export projection at 1.025 bbu, while ending stocks were 21 mbu higher than last month at 956 mbu and slightly under estimates. World ending stocks were trimmed to 260.18 MMT, down 1.11 MMT from last month. Australian production was trimmed by 1.5 to 18.5 MMT and Russia was down 1 to 70 MMT. Trade estimates for export sales in the week of 10/4 are running 300,000-600,000 MT ahead of this morning’s report.




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