Wheat Futures Market News and Commentary
Front month wheat futures were lower during the midweek session, with double digit losses in winter wheat futures. Chicago wheat closed 1% to 1.73% lower with losses of as much as 14 cents. March was 3 3/4 cents off the low going home. KC HRW ended Wednesday with 1.44% to 2.06% losses. March was down 15 1/2 at the bell, but was 3 1/2 cents off the day’s low. Minneapolis wheat stayed firmer on the day, ending the session with 0.03% losses to 0.24% gains. December HRS closed 7 3/4 cents in the black and 277 contracts of OI as of 12/7. December wheat futures expire on the 14th.
Pre-report estimates for the December WASDE report show the trade is on average expecting a 6.2 mbu rise in U.S. wheat stocks. If realized that would leave carryout at 589.2 mbu. On the world stage, the average of estimates is to see 276 MMT, which would be up 200k MT form the November figure, though the full range is from 270 MMT to 279 MMT.
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