Wheat Market News and Commentary

Wheat spot contracts (in deliveries) were up 1/2 cent in Chicago, down by 5 1/4 cents in KC and for MGE futures were 1 cent lower. Chicago wheat lost the most wk/wk with a 17 and 1/4 cent loss since last Friday. Mar KC futures were directly behind carrying a 16 1/2 cent loss on the week into the weekend. MGE wheat was also lower on the week, but only by 1 3/4 cents. The Philippines have issued an international tender to purchase 165,000 MT of feed wheat. Traders on average are expecting a reduction in wheat ending stocks for the 19/20 forecast. Estimates for U.S. wheat carryover in the December 10 report range from 964 mbu to 1.05 bbu, ahead of Tuesday’s report day. The latest WASDE from Nov. had wheat ending stocks at 1.014 bbu. Russian Ag ministry forecasts 2019 wheat crop at 75 MMT in their latest update. Stats Canada estimates their wheat crop to be 32.348 MMT. The latest CFTC report showed that Spec funds were net long Chicago wheat for the second week in a row; they nearly doubled their long wk/wk and as of Tuesday were net long by 20,567 contracts. Kansas City managed money traders were net short once more, this time their 14,252 contract position was reduced wk/wk. As for MGE wheat futures, managed money expanded their net short to 22,562 contracts – a 9.46% increase.

DEC 19 CBOT Wheat closed at $5.32 1/2, up 1/2 cent,

DEC 19 KCBT Wheat closed at $4.15, down 5 1/4 cents,

DEC 19 MGEX Wheat closed at $4.97, down 1 cent

--- provided by Brugler Marketing & Management

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