Wheat Market Commentary

Wheat futures settled the day with 2 to 6 1/4 cent losses in most contracts, as nearby Dec showed low volume ahead of next Friday’s expiration. MPLS was the weakest. Monthly trade data from Census showed that 1.904 MMT (69.97 mbu) of US wheat was exported in October. That was 4.6% larger than September and 45.42% above a year ago. Weekly export sales for all wheat are estimated at 300,000-600,000 MT. Taiwan importers purchased 110,000 MT of US wheat in their tender on Wednesday. Japan’s weekly MOA tender also saw purchases of 143,643 MT of wheat, with 62,975 MT US specific and the balance Canadian and Australian. Canadian wheat production for 18/19 is seen at 31.769 MMT according to Stats Can, up 5.95% from last year. Egypt’s GASC purchased 290,000 MT Russian and 60,000 MT Ukrainian wheat for Jan 21-31 delivery in their tender on Thursday, with no offers from the US.

Dec 18 CBOT Wheat closed at $5.05 1/4, down 9 1/4 cents,

Dec 18 KCBT Wheat closed at $4.68 3/4, down 7 3/4 cents,

Dec 18 MGEX Wheat closed at $5.78, down 6 1/4 cents

--provided by Brugler Marketing & Management

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