Wheat Market Commentary

Wheat futures are mostly 1 to 2 cents higher this morning in the CHI and KC contracts. However, Minneapolis spring wheat futures are 5 to 6 cents higher. Wheat 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 USDA’s weekly report this morning. 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. 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.

--provided by Brugler Marketing & Management

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