Wheat Market Commentary

Wheat futures are trading 2 to 6 cents lower this morning, with KC HRW the weakest and MPLS the firmest. They were fractionally lower in MPLS on Thursday, with CBT down 2-3 and KC 3 to 5 cents lower in the front months. Thursday morning’s monthly updates from the USDA showed US wheat 18/19 carryout at 949 mbu, down 7 mbu from October. That was caused by higher seed usage, as USDA left their export projection at 1.025 bbu. There were minor 1-2 million bushel adjustments to the wheat by class exports. World ending stocks for wheat were up 6.53 MMT to 266.71 MMT on historical revisions made mainly to China. Australian production was cut by 1 MMT to 17.5 MMT. US wheat export sales during the week of November 1 exceeded analysts’ expectations at 661,241 MT, up 13.5% from last week. Total export commitments are improving and are now only 15.5% lower than this week in 2017.

--provided by Brugler Marketing & Management

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