Wheat

Wheat futures are fractionally higher in KC HRW this morning, but fractionally lower in CHI and MPLS this morning. They saw most contracts 5 to 8 1/4 cents lower on Wednesday, with a few MPLS contracts down as much as 12 1/2. The US dollar is stronger this morning. Trade data from the month of October shows the US shipped 1.393 MMT of wheat. That was down 19.64% from last month and 40.94% lower than the same time last year. Wednesday morning’s report from Stats Canada showed the country’s 2017 total wheat production hit 29.984 MMT. That was down 5.5 % from last year but exceeded the average projection of 28 MMT. Durum wheat was also reported higher than expectations at 4.962 MMT, down 36.1% from a year ago. All wheat weekly export sales are estimated to run 250,000-450,000 MT in this morning’s USDA report.




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