Wheat futures are steady to 2 cents lower in the Chicago contracts, but 1 to 2 cents higher in the KC and MPLS hard wheat futures. They posted 9 to 11 cent gains in Chicago yesterday, 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 9% of the spring crop was still in the fields as of Sunday. However, that also means 91% is safe in storage. Trade expectations ahead of the monthly WASDE report show 1.011 bbu for 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.
---provided by Brugler Marketing & Management