Wheat futures took a nosedive in the winter wheat contracts on Wednesday, with MPLS down 7 to 9 ¾ cents. Nearby Chicago was down 24 cents on the day, the largest single day drop since August 12, 2019. Preliminary open interest data shows long liquidation, dropping 6,837 contracts. KC was down 18 cents. South Korean importers purchased 80,000 MT and Taiwan mills purchased 82,220 MT of US wheat on Wednesday. Friday’s delayed Export Sales report 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 2020/21 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.
--- provided by Brugler Marketing & Management
