Wheat Futures Market News and Commentary
Wheat futures finished Wednesday’s session mixed. Chicago was higher on the day gaining 2 to 3 1/2 cents in nearby contracts. Kansas city wheat futures were also higher at the closing bell, with gains of 1/4 to 1 1/4 cents for nearby contracts. MPLS HRS wheat on the other hand did finish lower, down bu as much as 3 cents for the front months. 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.
DEC 19 CBOT Wheat closed at $5.15 1/2, up 3 1/2 cents,
DEC 19 KCBT Wheat closed at $4.26, up 1/4 cent,
DEC 19 MGEX Wheat closed at $5.01 1/4, down 2 cents
--provided by Brugler Marketing & Management