Wheat Market Commentary
BRUG - Fri Dec 07, 7:27AM CST

Wheat futures are mostly 1 to 5 cents higher this morning, with two of the three December contracts not trading overnight despite still being deliverable. They ended Thursday with 2 to 6 1/4 cent losses in most contracts, as nearby Dec showed low volume ahead of next Friday’s expiration. MPLS was the weakest. Monthly trade data from Census showed that 1.904 MMT (69.97 mbu) of US wheat was exported in October. That was 4.6% larger than September and 45.42% above a year ago. Ideas for weekly export sales are running 300,000-600,000 MT ahead of this morning’s report. Taiwanese importers purchased 110,000 MT of US wheat in their tender on Wednesday. Japan’s weekly MOA tender saw purchases of 62,975 MT of US wheat. Canadian wheat production for 18/19 is now seen at 31.769 MMT by Stats Can, up 5.95% from last year. Egypt’s GASC purchased 290,000 MT Russian and 60,000 MT Ukrainian wheat for Jan 21-31 delivery in their tender on Thursday, with no offers from the US.

--provided by Brugler Marketing & Management

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