Wheat

Wheat futures are 4 to 5 cents lower in the HRW and SRW contracts this morning, with MPLS spring wheat down 6 to 7 cents. They were mostly 2 – 5 cents higher in the KC and CBT contracts today, as MPLS was mixed with Dec 1/2 cent lower. Export commitments of all wheat are still 4.6% below last year, but sales were much improved last week and the gap narrowed. The USDA lowered estimated ending stocks for both HRW and HRS, as HRW saw increased export and HRS had higher domestic use. Russia’s production was increased 1 MMT to 83 MMT on Thursday. Lower production in Brazil and Pakistan helped to offset that, along with adding imports to Brazil. 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.




Market Commentary provided by:

Brugler Marketing & Management LLC
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