Wheat

Wheat futures were mostly 2 – 5 cents higher in the KC and CBT contracts today, as MPLS was mixed with Dec 1/2 cent lower. Export commitments of all wheat actually gained ground last week by 0.3% but are still 4.6% below last year, as sales were much improved. The USDA lowered estimated ending stocks for both HRW and HRS, as HRW saw increased export and HRS had higher domestic use. Russia’s production was increased 1 MMT to 83 MMT on Thursday. Lower production in Brazil and Pakistan helped to offset that, along with adding imports to Brazil. Russia is hoping to improve their export infrastructure, with a goal to increase grain exports 50% in the next 3 years to an average of 7.5 MMT/ month.

Dec 17 CBOT Wheat closed at $4.31 1/2, up 2 1/2 cents,

Dec 17 KCBT Wheat closed at $4.33 1/4, up 4 1/4 cents,

Dec 17 MGEX Wheat closed at $6.47 1/2, down 1/2 cent




Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
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