Wheat (P) Futures PricesFri, Nov 28th, 2014
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Wheat futures are sharply higher again today in all three major classes, despite the sharply higher US Dollar Index. Weekly export sales reported this morning were near the upper end of the range of trade expectations at 469,500 MT. The IGC lowered its world wheat production estimate for 2014/15 by 1MMT, but there is talk in the market that 2015/16 world wheat production could easily be lower than this year, while consumption is still expected to grow year over year. EU export licenses issued year to date are 12 MMT vs. 11.2 MMT at this point last year.
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