Wheat was Higher on Friday, Expanding the Spreads

Wheat futures made solid gains today, pushing some futures to weekly gains as well. Chicago wheat futures led the charge on the shortened trading session, with 6 3/4 to 19 cent gains. The late rally pushed the futures to a 32 1/4 cent gain on the week. KC wheat rallied for 7 to 12 cent gains, pushing the wk/wk change to +14 cents. MPLS wheat also made Friday gains, however the 3 1/2 to 6 1/2 cent rally in the nearby contracts was not enough to overcome the previous moves, leaving MPLS futures 3/4 of a cent lower wk/wk. The Chicago/KC wheat premium at $1.08 3/4 is the highest on record, back to ‘04. Chicago futures also hold a premium to MPLS wheat futures, of 53 cents, with the highest spread favoring Chicago since September 2007. USDA Weekly Export Sales were above trade estimates at 612,655 MT, the third largest sale this MY. The total MY export commitments are up to 16.4277 MMT, which is 8.97% above last year’s pace. With 27 weeks left in the MY, accumulated export shipments for all wheat is up to 12.150 MMT which is 26.60% more than the same time last MY.

DEC 19 CBOT Wheat closed at $5.47 1/2, up 19 cents,

DEC 19 KCBT Wheat closed at $4.38 3/4, up 12 cents,

DEC 19 MGEX Wheat closed at $4.94 1/2, up 6 cents

--- provided by Brugler Marketing & Management




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