Wheat Market Commentary

Wheat futures saw gains of 2 to 3 cents in the KC contracts on Friday, with CBT higher in the front months and MPLS mostly 2 to 3 1/2 cents lower. CBT was the only exchange higher on the week and the others lower, widening the CBT-KC Dec spread to 24 cents. All wheat export sales in the week ending 11/8 totaled 438,256 MT, on the lower side of expectations. That was down 33.7% from the week prior and 10.4% lower than the same week in 2017. Exports were tallied at 263,003 MT for that week. The weekly Commitment of Traders report indicated the managed money net short position in CBT wheat futures and options was trimmed by 14,459 contracts as of Tuesday to -26,684. Spec traders went the other way in KC wheat futures and options, flipping their net position to short -1,271 contracts, a move of -12,414 contracts.

Dec 18 CBOT Wheat closed at $5.06 3/4, up 1 1/4 cents,

Dec 18 KCBT Wheat closed at $4.82 3/4, up 2 3/4 cents,

Dec 18 MGEX Wheat closed at $5.71 1/4, down 3 1/2 cents

--provided by Brugler Marketing & Management




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