Wheat Market 2 to 6 Cents Higher After Monday Dip

This morning the wheat market is mostly 2 to 4 cents higher, with the December KC HRW contract up 6 cents. 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 share was 126,393 MT (51.63%), SRW exports were only 17,591 metric tonnes (7.19%). The accumulated wheat shipments are up to 12.615, which is 19.21% above last year’s pace. Egypt is tendering tender for wheat, with delivery in late Jan 2020. Results are expected later today. The CFTC report showed that managed money had again reverted back to net long for CBOT wheat futures. This was 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. and was down to -16,851. 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.

--- provided by Brugler Marketing & Management

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