Wheat Market News and Commentary

Wheat futures are mostly 3 to 4 cents lower this morning. They were steady to 4 cents higher in the MPLS and CBT front months on Friday, while KC was steady to 2 1/2 cents lower. The WASDE report saw US wheat carryout up 36 mbu to 1.01 bbu. That mainly came from cuts to the feed and residual number, with the quarterly stocks updated showing larger wheat stockpiles. The Grain Stocks report indicated that 1.999 bbu of wheat was in on-farm and off-farm storage on Dec 1. That was up 126 mbu from the same time last year. World ending stocks were seen down 0.57 MMT from December @ 267.53 MMT. The Winter Wheat seedings report showed that 31.29 million acres were planted this fall, down 1.31 million from last year. That included 22.2 mill ac of HRW, 5.66 mac SRW and 3.44 mac of white winter wheat. Egypt’s GASC purchased a total of 300,000 MT of wheat in their tender on Friday including some from the US.

--provided by Brugler Marketing & Management

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