Wheat futures saw gains in the winter wheat markets on Monday, with MPLS steady to 1 1/2 cents lower in the front months. CBT was the strongest, up 3 to 6 1/4 cents. Nearby KC wheat is at an 8 3/4 cent premium to front month MPLS, the largest that has been since Dec 2014. After the close, NASS reported that 89% of the US winter wheat crop was emerged as of 11/22, 1% faster than the 5-year average. Conditions were tallied worse than estimates coming in at 43% gd/ex, down 3% from last week. That correlates to 322 on the Brugler500 index, down 6 on the week and 23 points lower yr/yr. All wheat export shipments during the week of November 19 were tallied at 358,077 MT according to USDA’s Export Inspections report. That was a jump of 7.1% from the week prior but down 17.71% from the same week in 2019. Accumulated inspections are now 12.396 MMT (445.5 mbu) nearly half-way through the MY, just 0.34% above last year. USDA’s full year WASDE projection is 975 mbu, up 10 yr/yr.
| DEC 20 CBOT Wheat closed at $5.99 1/2, up 6 1/4 cents, |
| DEC 20 KCBT Wheat closed at $5.51 1/4, up 1 cent, |
| DEC 20 MGEX Wheat closed at $5.42 1/2, down 1 1/2 cents |
--- provided by Brugler Marketing & Management
