Wheat Futures Market News and Commentary
Wheat is trading 1 to 2 1/2 cents lower in the Chicago and KC futures this morning, a fade of Tuesday gains. MPLS spring wheat is fractionally mixed. Wheat futures were mostly higher Tuesday with Kansas City HRW futures leading the way. Chicago wheat futures were up 3 1/4 to 4 3/4 cents, and KC wheat made gains by as much as 7 1/4 cents in nearby contracts. MPLS HRS ended Tuesday steady to 1 cent lower. The lower winter wheat crop condition ratings from USDA this week were in HRW country, with winter white ratings higher. TX was rated 30% good/ex, OK 46, KS 47 and CO 64%. Nebraska got a 70 pct good/ex, while WA was 74 and 73.Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and it should cut tariffs on wheat, beef, pork, among other US ag goods by an estimated $7 billion. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat.
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