Wheat Market News and Commentary

Wheat futures are 1 to 4 cents lower across the three markets this morning, with Chicago SRW the weakest. They saw 8 to 9 1/2 cent gains in the front winter wheat contracts, with MPLS 3 to 5 1/4 cents higher. The moribund December contracts will expire today. Wheat weekly export sales totaled 754,054 MT, on the high side of estimates. That was a 5.9% jump from last week and 28.1% larger than a year ago. Unknown destinations purchased 210,600 MT, with Japan at 111,900 MT. More than half of the sales total was for HRW, at a MY high 418,161 MT and the largest weekly HRW sales total in 13 months. All wheat shipments were tallied at 490,666 MT. Japan bought 137,657 MT of wheat in the weekly MOA tender, with 60,248 MT from the US and the balance from Australia and Canada. Argentina’s harvest is nearly half done, with the Exchange trimming estimated production to 19.0 MMT from 19.2 MMT.

--provided by Brugler Marketing & Management




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