Wheat Markets 2 to 3 Cents Lower
BRUG - Wed Dec 11, 7:20AM CST

Wheat futures are trading 2 to 3 cents lower this morning in all three markets. Yesterday 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 15 mbu decrease in imports and a 25 mbu increase to wheat exports from the previous estimate. Ending stocks were lower than trader expectations at 974 mbu, which would be a 4-year low for ending stocks. The U.S. Stocks to Use ratio tightened to 45.7%. The 5 previous years’ average stocks to use ratio is 49.8%. 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. 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 half from U.S and the remainder sourced from Canada and Australia.

--- provided by Brugler Marketing & Management

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