Wheat futures are mostly 3-4 cents higher in the CBT and KC contracts at midday, with MPLS fractionally higher. Thursday’s weekly USDA Export Sales report showed shipments of just 297,987 MT, a drop of 21.16% from last week. Export commitments of all wheat actually gained on last week by 0.3% to 4.6% lower than last year, as sales were much improved. Russia’s production was increased 1 MMT to 83 MMT. Russia is hoping to improve their export infrastructure, with a goal to increase grain exports 50% in the next 3 years to an average of 7.5 MMT/ month.

Dec 17 CBOT Wheat is at $4.32, up 3 cents,

Dec 17 KCBT Wheat is at $4.33, up 4 cents,

Dec 17 MGEX Wheat is at $6.48 3/4, up 3/4 cent

Market Commentary provided by:

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