Front Month Wheat Falls after Weekend

Wheat futures were lower on Cyber Monday. Nearby CHI wheat was 4 1/4 cents lower out of the weekend, KC wheat futures fell by 1 1/2 cents in nearby Dec, and MPLS wheat was down by 5 after the trades settled. The last trading day for Dec futures is Friday the 13th. Wheat Export Inspections dropped to 246,988 MT for the week ending 11/28, which was 48.8% below the same week last year. HRS wheat accounted for 59,082 (24.14%); HRW, which was the most, accounted for 126,393 MT (51.63%), SRW was 17,591 (7.19%). 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) show 11.1 MMT of wheat shipped, a 58% increase yr/yr so far. Egypt has issued an international tender for wheat, with delivery late Jan 2020. The day delayed CFTC report showed that managed money had again flipped positions and reverted back to net long for CBOT wheat futures. This being the 4th consecutive week in which they flipped positions on net. For KC wheat they added another week to the 48 consecutive net short weeks for KC wheat futures. The position did shrink by 9,268 contracts wk/wk. MPLS wheat futures also saw the net short position held by managed money spec funds continue. The Short was strengthened by 6,591 contracts wk/wk and brought the net short streak to 64 consecutive weeks.

DEC 19 CBOT Wheat closed at $5.43 1/4, down 4 1/4 cents,

DEC 19 KCBT Wheat closed at $4.37 1/4, down 1 1/2 cents,

DEC 19 MGEX Wheat closed at $4.89 1/2, down 5 cents

--- provided by Brugler Marketing & Management

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