Hard Red Wheat Dec '19 (KEZ19)
Hard Red Wheat Futures Market News and Commentary
Wheat futures are steadily mixed to higher for Wednesday’s session. Chicago SRW wheat is seeing some midday gains as high as 3 cents in nearby contracts. KC wheat futures are fractionally higher so far, while MPLS HRS wheat is seeing fractional losses in nearby contracts. MPLS wheat future losses do get larger through the front months, as low as 2 1/4 cents. Traders are expecting wheat to show 200-500,000 MT of export sales for the week ending 11/14. Last week was 238,620 MT and last year saw 330,394 MT. Australia (ABARE) is estimating wheat production to be a 10-year low at 16.7 MMT, citing drought conditions as the culprit. Jordan purchased 60,000 MT of hard wheat with an optional origin. Syria purchased 150,000 MT of Russian wheat. Japan has tendered for 119,998 MT of wheat.
DEC 19 CBOT Wheat is at $5.14 3/4, up 2 3/4 cents,
DEC 19 KCBT Wheat is at $4.25 1/2, down 1/4 cent,
DEC 19 MGEX Wheat is at $5.02 3/4, down 1/2 cent
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