Wheat in Deliveries Steady to Higher
BRUG - Tue Dec 10, 4:07PM CST

The wheat market was up 1 to 5 cents, with KC HRW the firmest. The WASDE Report showed a decrease of 40 mbu to U.S. wheat carryover. The adjustment came from a decrease to imports vs. November, as well as a 25 mbu increase to wheat exports from the previous estimate. Ending stocks were lower than trader expectations at 974 mbu, which is a 4-year low for ending stocks. Production was the highest since 16/17, exports were the highest since the same time. World ending stocks were 1 MMT higher than the November forecast; at 289.5 MMT. The USDA revised Aussie wheat forecast to 16.1 MMT a 1.1 MMT reduction from the Nov estimate and 1.2 MMT lower than last year. Private estimates yesterday had called for a cut to 14.97 MMT, but the USDA folks weren’t willing to go that low with harvest still underway. GASC (Egypt) purchased 355,000 MT of wheat in an international tender for early February delivery, 60k MT Ukrainian 60k MT Romanian 120k MT French 115k MT Russian. Japan is looking for 171,045 MT of wheat – with 85,8095 MT from U.S and the remainder sourced from Canada and Australia.

Dec 19 CBOT Wheat closed at $5.35, up 3 cents,

Dec 19 KCBT Wheat closed at $4.11 1/2, unch,

Dec 19 MGEX Wheat closed at $4.97, unch,

--- provided by Brugler Marketing & Management

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