Wheat the Leader to the Downside on Wednesday
Wheat futures are posting sharp double digit losses in the winter wheat contracts on Wednesday. MPLS is down 6 to 9 cents. In an international tender on Wednesday, South Korean importers purchased 80,000 MT of US wheat. Additionally, Taiwan mills purchased 82,220 MT of USD wheat in a tender that ended on Wednesday. Friday’s delayed Export Sales report, which will not include those sales, is expected to show 200,000-400,000 MT of wheat bookings during the week of 11/19. That would be an improvement over last week’s MY low of 192,389 MT. Russia’s SovEcon raised their 20/21 wheat production estimated by 900,000 MT to 85.3 MMT. They also increased the country’s projected exports by 1 to 40.8 MMT.
| DEC 20 CBOT Wheat closed at $5.91 3/4, down 19 1/2 cents, |
| DEC 20 KCBT Wheat closed at $5.46, down 15 cents, |
| DEC 20 MGEX Wheat closed at $5.44, down 6 3/4 cents |
--- provided by Brugler Marketing & Management
