Wheat Market Commentary

Wheat futures are UNCH to 1 1/2 cents higher this morning. They settled Tuesday with 3 to 5 cent gains in most winter wheat contracts and MPLS up 7 cents in nearby Dec. Short covering was the main activity in Chicago, with preliminary open interest dropping 3,461 contracts. Slow planting pace is causing some to think next year’s acreage number will be lower than originally thought. Winter wheat planting in KS was reported at 83% complete (95% avg), with OK 82% planted (93% avg). Emergence in KS was 12% below average at 69%. Traders are expecting Thursday’s USDA report to show US 18/19 carryout at 969 mbu, up 13 mbu from October. Japan is seeking 121,488 MT of wheat from the US and Canada in their weekly MOA tender. Of that total, 60,728 MT is US origin.

--provided by Brugler Marketing & Management

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