Wheat Mostly Lower for Monday at Midday

Wheat futures are mostly lower far, with Chicago SRW leading the way down. Chicago futures are 2 to 5 1/2 cents lower. KC HRW wheat is mixed so far, with nearby Dec futures gaining slightly, and the remainder of the nearbys dropping as much as 7 1/2 cents. MPLS HRS wheat futures are 1 3/4 to 4 cents lower in the front months. Preliminary open interest showed net new buying in Chicago on Friday, with OI rising 6,587 contracts. There were again zero deliveries against Chicago December wheat, with the oldest long now 8/30/19. The 11 KC deliveries were all put back out. Wheat Export Inspections dropped to 246,988 MT for the week ending 11/28. The previous report showed 434,703 MT, and the same week last year was 48.08% higher at 475,745 MT. The accumulated wheat shipments are up to 12.615, which is 19.21% above last year’s pace. ABARES cut Australian wheat production for 19/20 by 18% to 15.85 MMT. EU official exports or the local MY (starting July 1) have shipped 11.1 MMT of wheat, a 58% increase yr/yr so far.

DEC 19 CBOT Wheat is at $5.44 3/4, down 2 3/4 cents,

DEC 19 KCBT Wheat is at $4.40 1/2, up 1 3/4 cents,

DEC 19 MGEX Wheat is at $4.92 3/4, down 1 3/4 cents

--- provided by Brugler Marketing & Management

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