Wheat Falling Back at Midday

With spillover weakness in corn and the beneficial weather forecasts, the board is discounting front month wheat futures. NOAA’s 5-day QPF shows rain accumulation from OH to KS, with as much as 4” along the KS/OK boarder. Winter wheat futures are down 5 3/4 to 7 1/4 cents in nearby SRW and 4 1/2 to 5 1/2 cents for nearby HRW. NMY futures are 8+ lower and 5+ lower respectively. Spring wheat futures are 4 1/4 to 8 cents lower at midday, with a dime and a quarter drop in Dec. Analysts are projecting USDA’s Export Sales report to show 200k to 700k MT of wheat sales. South Korea purchased 105,800 MT of wheat, with 77.9k MT U.S. specific and the remaining 27.9k from Canada.

Dec 20 CBOT Wheat is at $6.08 1/2, down 7 1/4 cents,

Dec 20 KCBT Wheat is at $5.43 3/4, down 5 1/2 cents,

Dec 20 MGEX Wheat is at $5.51 1/4, down 10 1/4 cents,

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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