Wheat Market Commentary

Wheat futures are trading 4 to 11 cents higher today, led by KC HRW. Friday’s USDA Export Sales report indicated that 18/19 sales for the week of 10/4 were tallied at 339,022 MT. That was within trade estimates and nearly double this week last year but still down 22.1% wk/wk. Along with raising the 2018/19 production total on Thursday, USDA trimmed feed and residual by 10 mbu and left exports UNCH at 1.025 bbu. Export commitments for wheat are now just 42% of that full year projection vs the 61% average for this date. The global stocks/use ratio is tightening, so USDA analysts are sticking to their guns on exports.

DEC 18 CBOT Wheat is at $5.18 3/4, up 10 3/4 cents,

DEC 18 KCBT Wheat is at $5.24 1/2, up 10 3/4 cents,

DEC 18 MGEX Wheat is at $5.96 3/4, up 7 1/4 cents




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