Wheat

Wheat futures saw losses of 5 to 10 cents in most contracts today, as MPLS was the weakest. All wheat exports during the week ending November 16 fell to 259,264 MT. That is a drop of 15.94% from the previous week and 40.27% lower than the same week in 2016. Russia’s SovEcon estimates that wheat exports during November will total 3.4-3.5 MMT. Monday afternoon’s Crop Progress report indicated the winter wheat crop was 88% emerged as of Sunday. The crop was rated at 52% gd/ex, down 2% from the previous week. Iraq is seeking another 50,000 MT of wheat from Australia, Canada, or the US, with the tender to close November 26.

Dec 17 CBOT Wheat closed at $4.22, down 5 1/4 cents,

Dec 17 KCBT Wheat closed at $4.16, down 6 cents,

Dec 17 MGEX Wheat closed at $6.26 1/4, down 8 3/4 cents




Market Commentary provided by:

Brugler Marketing & Management LLC
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