Wheat Mostly Lower at Midday

Wheat futures are steady to 5 cents lower at midday, with nearby MPLS up a tick. The weekly FAS Export Sales report is expected to show 300,000-600,000 MT in all wheat export sales for 19/20. Prior to Thursday’s USDA reports, traders are estimating 19/20 world wheat stocks to rise slightly to 284.71 MMT. Old crop world stocks are seen ticking higher to 274.6 MMT. The French Farm Ministry pegs the country’s wheat protein content at 11.5%, which is down from 12% last year.

DEC 19 CBOT Wheat is at $4.78 1/4, down 4 cents,

DEC 19 KCBT Wheat is at $4.00, down 3 3/4 cents,

DEC 19 MGEX Wheat is at $5.04, up 1/4 cent

Source: Brugler Marketing & Management




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