Wheat Market Commentary

Wheat futures posted 4 to 8 cent losses in most contracts on Wednesday, with nearby CBT down 1 3/4 cents. All wheat export sales during the week of November 1 are thought to have been

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 the world wheat ending stocks estimate by 0.73 MMT to 259.46 MMT on Thursday. A smaller Australian crop is projected, was well as 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 closed at $5.10 1/4, down 1 3/4 cents,

Dec 18 KCBT Wheat closed at $5.02 1/4, down 5 3/4 cents,

Dec 18 MGEX Wheat closed at $5.80 3/4, down 7 3/4 cents

--provided by Brugler Marketing & Management

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