Wheat Lower at Midday

The three wheat markets are 2 to 5 cents lower this Veterans Day. Chicago SRW is down by 2 3/4 to 3 3/4 at midday. KC is fractionally lower to 2 cents lower, with Minneapolis down by as much as 4 cents in nearby contracts. The USDA cut harvested acres by 900,000 after the re-survey. The WASDE reported US ending stocks at 1.014 bbu on lower production. World Wheat ending stocks, however, were bumped up to 288.28 MMT. Australian and US production were cut, but other countries like the EU and Russia were increased. The CFTC commitment of traders report showed that managed money flipped their Chicago wheat position back to net short after a two week try at the bull side. They grew their net short for KC wheat, and haven’t been net long the entire calendar year. Also maintaining year-long consistency, managed money spec funds were still net short for MPLS wheat futures.

DEC 19 CBOT Wheat is at $5.06 1/2, down 3 3/4 cents,

DEC 19 KCBT Wheat is at $4.22 1/2, up 1 cent,

DEC 19 MGEX Wheat is at $5.15 3/4, down 2 3/4 cents

-- provided by Brugler Marketing & Management

Market Commentary provided by:

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