Friday Wheat Lower at Midday

Wheat market is mostly lower at midday, with nearby Chicago futures falling 3 to 4 cents. KC wheat futures are firm in Dec deliveries, but other front months are as much as 5 1/2 cents lower so far. A similar story in the MGE HRS wheat market as Dec futures are posting a 4 1/2 cent midday gain, the other futures are 1 1/4 to1 3/4 cents lower. There are lots of news bites, but they don’t add up to much direction. The Philippines have issued an international tender to purchase 165,000 MT of feed wheat. Russian Ag ministry forecasts 2019 wheat crop at 75 MMT in their latest update. Canada estimates their wheat crop to be 32.348 MMT. France estimates soft wheat conditions to be 73% good/ex. Census data showed that 2.143 MMT (78.74 mbu) of wheat was exported during October. Weekly export sales data from the USDA showed that 228,086 MT of wheat sales in the week ending 11/28. Japan purchased 160,640 MT of wheat in their weekly MOA tender, with 91,220 MT from the US.

DEC 19 CBOT Wheat closed at $5.29, down 3 cents,

DEC 19 KCBT Wheat closed at $4.20 1/4, unch,

DEC 19 MGEX Wheat closed at $5.02 1/4, up 4 1/4 cents

--- provided by Brugler Marketing & Management

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