Monday Wheat Drops Double Digits

With increased rain and snow in the central US, the domestic wheat futures closed with double digit losses. KC HRW pulled back the most on Monday, dropping 2.63% to 3.12%. CBT futures were down 1.45% to 2.02% on the day. MPLS HRS futures ended the session 1.22% to 2.16% lower. Winter wheat planting was 85% complete as of 10/25 according to NASS’s Crop Progress report. That is up 5% from the average pace. SD planting was reported as complete, and KS had just 8% remaining. NASS says 62% of the crop was emerged, which is 2% ahead of average. KS emergence was reported at 70%. Initial winter wheat condition ratings were reported at 41% good/ex for a Brugler500 score of 322. 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.

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

Dec 20 KCBT Wheat closed at $5.52, down 17 3/4 cents,

Dec 20 MGEX Wheat closed at $5.65, down 12 1/2 cents,

--- provided by Brugler Marketing & Management

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