Wheat

Wheat futures are mostly 1 to 2 cents lower this morning. They finished Monday with most CBT and KC contracts 4-7 1/4 cents lower, as MPLS was down 7 to 14 1/4 cents. Preliminary open interest rose 11,155 contracts in Chicago, indicating net new selling. The US winter wheat crop was 95% planted as of Sunday, with 84% emerged. The USDA also reported conditions deteriorating 3 points on the Brugler500 index to 348, as gd/ex ratings were down 1% to 54%. The correlation between fall condition ratings and following year wheat yields is weak. The USDA Export Inspections report showed wheat for the week ending November 9 improving over last week by 5.57% at 301,039 MT. That was also 7.84% larger than the same week last year, as YTD inspections lag last year by 5.69% at 11.728 MMT.




Market Commentary provided by:

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