Wheat Market Mixed As MPLS Lifted by Poor Weather

Wheat futures start Tuesday with Chicago and KC futures down 2 1/2 cents and MPLS spring wheat fractionally to a penny higher. Yesterday saw Chicago and Kansas City wheat 1 to 2 cents lower, and 2 1/2 cent gains for MPLS. Egypt’s GASC is tendering for wheat for mid-November delivery, with results expected later today. US is still uncompetitive into that market due to freight costs. US Spring wheat was 91% harvested according to the Crop Progress report, advancing just 1% on the week. Winter wheat was 52% planted, as compared to last week’s 39% and the 53% average, with 26% of the crop emerged. USDA reported wheat exports for the week ending 10/03 at 385,259 MT. That brings the MY to date total to 8.906 MMT, which is 17% above last MY’s pace through that week.

---provided by Brugler Marketing & Management

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