Wheat Market Commentary

Wheat futures were fractionally lower in MPLS, with CBT down 2-3 and KC 3 to 5 cents lower in the front months. This morning’s monthly updates from the USDA showed US wheat 18/19 carryout at 949 mbu, down 7 mbu from October. That was mainly caused by higher seed usage, as USDA left their export projection at 1.025 bbu. World ending stocks for wheat were up 6.53 MMT to 266.71 MMT on historical revisions made mainly to China. Australian production was cut by 1 MMT to 17.5 MMT. US wheat export sales during the week of November 1 exceeded analysts’ expectations at 661,241 MT, up 13.5% from last week. The lead buyer was the Philippines @ 306,100 MT, with another 50,000 MT sold to Egypt. Japan purchased 121,488 MT of wheat in their weekly MOA tender from US and Canada, with 60,728 MT US specific.

Dec 18 CBOT Wheat closed at $5.07 3/4, down 2 1/2 cents,

Dec 18 KCBT Wheat closed at $4.97 1/4, down 5 cents,

Dec 18 MGEX Wheat closed at $5.80, down 3/4 cent

--provided by Brugler Marketing & Management




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