Wheat Down Double Digits

After the weekend break wheat futures are down double digits. KC HRW is the weakest, following welcome snow fall and anticipated heavy rains in the Plains growing area, with 16 3/4 to 18 1/2 cents losses. CBT wheat is 11 1/2 to 12 3/4 cents weaker so far. MGE HRS futures are trading with midday losses of 10 to 13 1/4 cents. USDA said 363,806 MT of wheat was exported on the week ending 10/22. That was up from 241k MT LW but down 179k MT from the same week LY. The top destination for the week’s wheat shipments was Japan, with 105,399 MT. Accumulated wheat exports are running 4% ahead of 19/20’s pace with 11.043 MMT shipped so far. Buenos Aires Grain Exchange cut their production estimate for Argentine wheat by 700k MT to 16.8 million. French wheat planting was reported at 45% complete as of 10/19, according to FranceAgriMer. US winter wheat condition ratings are expected to be <48% good/excellent in tonight’s USDA weekly update. Syria issued a 200k MT Black Sea wheat tender. Pakistan is tendering for 320,000 MT of optional origin wheat.

Dec 20 CBOT Wheat is at $6.20, down 12 3/4 cents,

Dec 20 KCBT Wheat is at $5.51 1/4, down 18 1/2 cents,

Dec 20 MGEX Wheat is at $5.64 1/4, down 13 1/4 cents,

--- provided by Brugler Marketing & Management

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