Wheat Market Commentary

Wheat futures are trading 1 to 2 cents lower this morning. They ended Monday with most contracts 4 1/2 to 7 3/4 cents higher. The USDA weekly Export Inspections report showed 450,980 MT shipped in the week ending Oct 11. That was slightly higher than the previous week and 38.48% better than this time last year. NASS reported that 65% of the winter wheat crop was planted as of the 14th, lagging the average pace by 2% as rains in the Plains slows progress. Emergence was 3% faster than normal at 44%. Russia’s IKAR added 0.7 MMT to their country’s wheat production estimate, now at 70.5 MMT. That is less than a week after USDA trimmed their projection to 70 MMT.

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