Wednesday Wheat Drops

Wheat futures climbed back from double digit losses, but the beneficial weather forecasts left prices in the red. NOAA’s 5-day QPF shows rain accumulation from OH to KS, with as much as 4” along the KS/OK boarder. CBT soft red winter wheat closed the session with 7 to 9 cent losses. Hard red winter wheat prices were down 5 3/4 to 6 1/4 cents on the board. Spring wheat on the MGE closed 8 to 9 1/2 cents lower. Analysts are projecting USDA’s Export Sales report will show 200k to 700k MT of wheat sales last week. South Korea purchased 105,800 MT of wheat today, with 77.9k MT U.S. specific and the remaining 27.9k from Canada.

Dec 20 CBOT Wheat closed at $6.08 3/4, down 7 cents,

Dec 20 KCBT Wheat closed at $5.43 1/4, down 6 cents,

Dec 20 MGEX Wheat closed at $5.52, down 9 1/2 cents,

--- provided by Brugler Marketing & Management

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