Wheat Up 2 to 4 Cents, With MPLS in the Lead

The three US wheat futures markets are 2 to 4 cents higher this morning, led by Minneapolis spring wheat. Wheat futures closed the Thursday session with losses. KC was down 5 to 5 3/4 cent losses, while Chicago SRW was close behind, 2 1/4 to 3 3/4 cents in the red. MGE wheat was also lower, showing 3/4 to 2 1/2 cent drops on the day (disregarding illiquid Dec which expires a week from today). Census data showed that 2.143 MMT of wheat was exported during October. The 78.74 mbu was a 6-year high for October wheat exports. From June through October, each month of the MY has been above the corresponding month of last year. Weekly export sales data from the USDA showed that 228,086 MT of wheat sales in the week ending 11/28. Those sales were 68% below the same week last year. HRW accounted for nearly 70% of the weekly sales. Accumulated MY exports for all wheat are 12.38 MMT, and 22.86% above last year’s pace. Japan purchased 160,640 MT of wheat in their weekly MOA tender, with 91,220 MT from the US.

--- provided by Brugler Marketing & Management

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