Wheat Market Commentary

Wheat futures closed with gains of 1 to 8 3/4 cent in most contracts on Wednesday, in unison with the rest of the grain complex. Front month Dec in CBT and MPLS were both lower. A weaker dollar today also helped to prop the market up. The nearby CBT-KC spread unwound 9 cents today, now at 30 1/2 cents. One major reason for the drop in KC prices relative to CBT and MPLS is the export rate. Total HRW commitments are just 42.28% of USDA’s projected target for the class, with SRW at 54.81% and HRS @ 58.27%. A fresh round of weekly export sales data will be released tomorrow morning. All wheat sales for the week of 11/22 are projected to be in the 250,000-500,000 MT range.

Dec 18 CBOT Wheat closed at $4.97 1/2, down 1/2 cent,

Dec 18 KCBT Wheat closed at $4.67, up 8 1/2 cents,

Dec 18 MGEX Wheat closed at $5.73 1/2, down 2 cents

--provided by Brugler Marketing & Management




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