Wheat Posts Gains on Tuesday

Wheat futures posted 9 to 11 cent gains in Chicago, with KC HRW up 7 to 8 cents in most contracts. That extended the CBT-KC wheat spread to 90 cents. The market wants you to feed that HRW. MPLS was up 4 to 5 1/2 cents on the day. Concerns lingered over the forecasted snowstorm, as there is still 9% of the spring crop left in the fields. However, that means 91% is safe in storage. Trade 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. Egypt’s GASC purchased 295,000 MT of Russian (180,000 MT) and Ukrainian (115,000 MT) in Tuesday’s tender for mid-November delivery.

DEC 19 CBOT Wheat closed at $5.00 ¼, up 11 cents,

DEC 19 KCBT Wheat closed at $4.10 1/4, up 8 cents,

DEC 19 MGEX Wheat closed at $5.43 1/2, up 5 cents

---provided by Brugler Marketing & Management

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