Wheat futures are trading 1 to 3 cents lower this morning. They 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 for that spread 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. Condition ratings were 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 than last year at this time. All wheat export shipments during the week of November 19 totaled 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.
--- provided by Brugler Marketing & Management
