Wheat Market Commentary

Wheat futures closed the Thursday session with most contracts 2 to 6 1/4 cents in the red. Pressure was apparent from spillover in corn and beans, as this morning’s wheat export number was within expectations. A stronger US dollar was also a bearish influence. The weekly Export Sales report from USDA showed wheat sales in the week of 10/11 picking up 40.4% from the week prior at 475,998 MT, down 22.7% from last year. All wheat exports in that week were at 491,030 MT, up 50.93% from last year but down 2.17% wk/wk. Of that total, 120,200 MT went to Mexico, with 104,500 MT to Iraq. Japan’s weekly MOA tender saw purchases of 127,688 MT of US, Australian, and Canadian wheat, with 59,640 MT US origin. The USDA ag attach for Russia projected 2018 wheat production at 68.5 MMT (1.5 MMT below the official USDA number). Exports are seen at 33.4 MMT, 1.6 lower than official USDA numbers.

Dec 18 CBOT Wheat closed at $5.13, down 4 1/2 cents,

Dec 18 KCBT Wheat closed at $5.14 3/4, down 6 1/4 cents,

Dec 18 MGEX Wheat closed at $5.85, down 3 1/4 cents

--provided by Brugler Marketing & Management (402) 289-2330




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