Spring Wheat Futures Market News and Commentary
Wheat is regaining most of yesterday’s losses, with Kansas City HRW futures leading the way with double digit gains at midday. Traders had drastically underestimated weekly wheat export inspections, as the 528,875 MT were well above the expected range of 250-350,000 MT. Wheat export inspections are 44.42% higher than the week ending 10/31, and were 33.03% higher than the same week last year. The MY accumulated export inspections for wheat are up to 421.07 mbu, which is 79 mbu above last year’s pace. The Crop Progress report is delayed by the holiday until later this afternoon. Canadian wheat harvest continues to drag on, with Alberta reporting 89.5% complete. They were 95% done a year ago at this time.
DEC 19 CBOT Wheat is at $5.13 3/4, up 8 cents,
DEC 19 KCBT Wheat is at $4.32 3/4, up 10 cents,
DEC 19 MGEX Wheat is at $5.19, up 3 3/4 cents
-- provided by Brugler Marketing & Management