Wheat Market Commentary

Wheat futures are trading steady to 2 cents lower in the CBT contracts at midday, with KC and MPLS down 4 to 6 cents. All wheat export sales during the week of November1 are projected at 300,000-600,000 MT ahead of Thursday’s weekly report. Last week’s sales total was on the higher side of those estimates at 582,545 MT. USDA is expected to trim world wheat ending stocks by 0.73 MMT to 259.46 MMT on Thursday. That is thanks in part to a smaller projected Australian crop and tighter stocks in other major producers. Russia’s Ag Ministry updated their country’s wheat export projection to 34-35 MMT on Wednesday, up 1 MMT from their prior estimate.

Dec 18 CBOT Wheat is at $5.12, unch ,

Dec 18 KCBT Wheat is at $5.04, down 4 cents,

Dec 18 MGEX Wheat is at $5.82 3/4, down 5 3/4 cents

--provided by Brugler Marketing & Management

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