Wheat is Higher on Friday, Expanding the Spreads
BRUG - Fri Nov 29, 10:49AM CST

Friday wheat futures are making a midday rally, with Chicago wheat leading the charge on the shortened trading session. Chicago wheat is 12 to 18 3/4 cents higher so far, with KC wheat directly behind, gaining 7 1/4 to 10 1/2 cents at midday. MPLS wheat is also on the rise, with midday gains as much as 5 1/2 cents. The Chicago/KC wheat premium at $1.12 3/4 is the highest on record, back to ‘04. Chicago futures also hold a premium to MPLS wheat futures, of 54 3/4 cents, with the highest spread favoring Chicago since September 2007. There were zero delivery notices against December CHI wheat on first notice day. There were 11 contracts put out against KC December and 343 put out in MPLS. Weekly Export Sales data showed sales above trade estimates of 300,000-600,000 MT. A total 612,655 MT sold on the week ending 11/21 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, which ended at 24.232 MMT. The European Commission released an updated 19/20 estimate of EU wheat production, showing a reduction to 146.8 MMT.

DEC 19 CBOT Wheat is at $5.46 3/4, up 18 1/4 cents,

DEC 19 KCBT Wheat is at $4.34, up 7 1/4 cents,

DEC 19 MGEX Wheat is at $4.92, up 3 1/2 cents

-- provided by Brugler Marketing & Management




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