Wednesday Wheat Mixed After Day Trades

Nearby Wheat futures closed mixed at the midweek point. SRW wheat finished Wednesday with gains from 1/2 a cent to 1 1/2 cents. HRW wheat finished lower by 3/4 to 3 cents. The biggest mover was with HRS futures, which were lower by as much as 3 1/2 after Wednesday’s closing bell. The EU has raised their 2019/20 wheat crop production estimate to 147.0 MMT, up from their previous 145 MMT estimate. The EU also adjusted their wheat export expectations to 26 MMT. Russian winter wheat planting is well under way and the country released their initial 2020/21 MY production estimates, at 79.733 MMT. FAS Moscow, per the USDA ag attaché, said 19/20 MY Russian wheat production is forecasted at 74MMT. Analysts anticipate world ending stocks of 287.03 MMT from the USDA on Friday.

DEC 19 CBOT Wheat closed at $5.16 3/4, up 1 1/2 cents,

DEC 19 KCBT Wheat closed at $4.27 3/4, down 3/4 cent,

DEC 19 MGEX Wheat closed at $5.23 1/4, down 2 3/4 cents

-- provided by Brugler Marketing & Management

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