Wheat futures are currently fractionally lower in the SRW and HRW contracts, but 2 cents higher in the MPLS spring wheat. The front KC and CBT months were down 2 to 2 1/2 cents, with MPLS steady to 1 1/2 cents lower. All wheat export inspections for the week that ended on December 21 totaled 493,550 MT. That was 21.03% lower than the week prior and was 8.71% behind this time in 2016. Since June 1, export inspections have hit 14.23 MMT. That is 5.96% behind 16/17. Import data from China shows the country’s wheat imports during November totaled 155,817 MMT, well above the same month last year. China’s Jan-Nov wheat imports have totaled 4.115 MMT, 30.6% larger than 2016. Canada and Australia were the main origins for the Chinese imports. Egypt’s GASC is seeking wheat for early February delivery, with results expected later today.

Market Commentary provided by:

Brugler Marketing & Management LLC
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