Wheat Market Commentary

Wheat futures are steady to 2 cents per bushel lower this morning. They were UNCH to 2 1/4 cents higher in most contracts on Thursday, with a couple KC and MPLS contracts fractionally lower. Weakness in the US dollar index provided support, along with spillover strength in corn. The weekly Export Sales report showed all wheat bookings during the week of 9/13 at 468,433 MT, on the high side of trade estimates. That was a 20.9% jump from the week prior and 52.5% larger than the same week in 2017. The Philippines purchased 80,000 MT, with Indonesia buying 70,000 MT and Vietnam in for 61,000 MT. We are now through week 15, and still no reported sales for 2019/20. Export shipments totaled 315,143 MT, 26.55% below last week, with 150,600 MT headed to Japan.




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