Wheat (P) Futures PricesTue, Feb 9th, 2016
Latest Brugler Wheat (P) Report
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Wheat futures are trading steady to slightly lower this morning, after closing slightly higher in MPLS on Tuesday, but steady to slightly lower in KC and CHI. A lower US Dollar Index (down more than 500 points) helped the wheat market hold up fairly well after USDA published an even larger figure for both US and world wheat ending stocks. The world figure was up 6.83 MMT from the January report, but most of it came from a drop in the estimate for Chinese consumption in both last year and this year. The market likely recognizes that the wheat is unlikely to ever leave that country. US wheat ending stocks were up 25 mbu from a month ago due to a cut in projected US exports, but the average farm price was unchanged. Japan is tendering for 146,000 MT of optional origin wheat, with results expected tomorrow.
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