Wheat Higher at Midday

Wheat futures are showing 2 to 10 cent gains in most contracts, with CBT leading the way, up 9 1/4 cents. Egypt’s GASC is tendering for wheat for mid-November delivery, with Ukraine showing the lowest offer. Results are expected later today. The US is still uncompetitive into that market due to freight costs. Trader expectations ahead of the monthly WASDE report show 1.011 bbu in 19/20 US wheat ending stocks. That would be down just 3 mbu from the Sep report. US Spring wheat was 91% harvested as of Sunday according to the Crop Progress report. Winter wheat was 52% planted, with 26% of the crop emerged.

DEC 19 CBOT Wheat is at $4.98 1/2, up 9 1/4 cents,

DEC 19 KCBT Wheat is at $4.08 1/2, up 6 1/4 cents,

DEC 19 MGEX Wheat is at $5.44 3/4, up 6 1/4 cents

---provided by Brugler Marketing & Management

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