Wheat futures are showing mixed trade on Tuesday. Nearby CBT contracts are slightly higher with back months lower and KC the other way around. MPLS is fractionally to 3 cents in the red. The US winter wheat crop was 95% planted as of Sunday, with 84% emerged. The USDA also reported conditions deteriorating 3 points on the Brugler500 index to 348, as gd/ex ratings were down 1% to 54%. The correlation between fall condition ratings and following year wheat yields is weak. Japan’s weekly MOA tender is for 125,611 MT of wheat from Australia, Canada, and the US. Of that total, 65,530 MT is sought from the US, with the tender to close on Thursday.

Dec 17 CBOT Wheat is at $4.27 1/4, up 3 cents,

Dec 17 KCBT Wheat is at $4.27 1/4, down 1/4 cent,

Dec 17 MGEX Wheat is at $6.31, down 2 1/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
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