Wheat Market News and Commentary

Wheat futures are mostly 3 to 4 cents higher this morning in the winter wheat, and UNCH to 1 3/4 cent higher in Minneapolis spring wheat. They ended the Thursday session with most contracts 7 to 13 cents lower, with the winter wheat contracts the weakest on net new selling. Preliminary open interest rose 4,152 contracts. All wheat export sales in the week that ended on December 27 were reported at 593,002 MT this morning. That was 12.7% above the week prior and more than 4 times larger than the same Christmas week in 2017. The trade was more concerned about the rising US dollar and Russian hints of more active export sales in March. Japan’s weekly MOA tender showed a total of 59,492 MT of US wheat purchased. Today’s WASDE report is expected to show another increase to the US wheat carryout estimate at 989 mbu or 15 mbu larger than the Dec update. Egypt’s GASC took advantage of the sell off yesterday to tender for wheat for L/H March delivery. Results are expected later today.

--provided by Brugler Marketing & Management

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