Wheat Market Commentary

Wheat futures are currently UNCH to 4 cents lower in the actively traded contracts, with the CHI and KC December futures down 7 cents or more. Wheat was down 3 to 7 1/2 cents on Wednesday. Some of the sell pressure was long liquidation, with preliminary open interest in Chicago down 877 contracts. Traders are on average expecting USDA to add 7 mbu to their 18/19 US carryout projection at 956 mbu in next Tuesday’s December WASDE release. Export 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. Wire stories indicated Egypt’s GASC has failed to issue letters of credit on 945,000 MT or 16 cargoes of wheat. The Supply Ministry refuted those claims saying 3 had been issued and 5 more would be, with the remaining still to be delivered. Buying the break despite that news, GASC issued a new wheat buying tender for Jan 21-31 delivery with results due later today.

--provided by Brugler Marketing & Management

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