Wheat Gaining at Midday

Wheat futures have begun to back off from double digit gains earlier in the session, but are still trading in the black. SRW futures are trading 4 to 7 1/2 cents higher. HRW futures are 9 1/2 cents to 10 3/4 cents. Dry forecasts for areas still planting winter wheat (US, Russia, Ukraine in particular) are keeping a bid under the market. HRS futures are trading 2 1/2 to 6 cents higher. USDA is expected to show winter wheat planting 48-50% done in tonight’s report. The Export Inspections report, with data from the week ending Oct 1, showed 643,671 MT of wheat shipments. That was 56,755 MT above last week’s shipments and up 164k MT yr/yr. The Philippines was the top destination for the week with 175k MT or 27% of the total. The report also showed 9.888 MMT of wheat shipped MYTD, compared to 9 MMT flat in 2019/20. IKAR sees Russian wheat output at 83 MMT, up 200k from their Sept est.

Dec 20 CBOT Wheat is at $5.81 1/4, up 8 cents,

Dec 20 KCBT Wheat is at $5.20 3/4, up 11 1/4 cents,

Dec 20 MGEX Wheat is at $5.34 3/4, up 3 cents,

--- provided by Brugler Marketing & Management

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