Wednesday Wheat Market is Mostly Lower
BRUG - Wed Dec 11, 12:18PM CST

Wheat futures trading mostly lower at Wednesday’s midday. Chicago SRW futures are down by the most posting losses of 5 1/2 to 6 3/4 cents in the nearby contracts. KC wheat futures are the most firm with front month losses of as much as 1 3/4 cents. MGE wheat is mixed this morning, with nearbys down by as much as 1 1/2 to a 1 cent gain. 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 French monthly estimate for 19/20 MY exports from France Agrimer was updated 200,000 MT higher, to 12.2 MMT. Syria has issued an international tender to buy 200,000 MT of milling wheat. Taiwan is also tendering, the country wants 104,600 MT of U.S. wheat.

Dec 19 CBOT Wheat is at $5.28, down 6 3/4 cents,

Dec 19 KCBT Wheat is at $4.16, unch,

Dec 19 MGEX Wheat is at $5.01 1/2, up 4 1/2 cents,

--- provided by Brugler Marketing & Management

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