Wheat Market Commentary

Wheat futures are down 2 to 5 cents at midday. Traders are estimating USDA to add 7 mbu to their 18/19 US carryout projection at 956 on next Tuesday’s December WASDE release. Traders continue to doubt whether the US can achieve the growth in export sales currently in the balance sheet. Sales and shipments still lag last year with 6 months completed. Along with USDA delaying the weekly Export sales report to Friday, CFTC will be releasing their weekly Commitment of Traders report on Monday. Egypt’s GASC has failed to issue letters of credit on 945,000 MT or 16 cargoes of wheat all purchased for mid-Nov to mid-Dec delivery. Some of the letters may not be issued until January. Most of that was from Russia.

Dec 18 CBOT Wheat is at $5.15 1/2, down 3 3/4 cents,

Dec 18 KCBT Wheat is at $4.83 3/4, down 1/4 cent,

Dec 18 MGEX Wheat is at $5.85, down 2 3/4 cents

--provided by Brugler Marketing & Management

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