Wheat Rallying Double Digits

Front month wheat markets are in the black at Tuesday’s midday. SRW is 8 to 10 3/4 cents higher. KC HRW is 9 to 13 cents higher. MGE wheat is up 5 1/4 to 7 3/4 cents. The trade is looking for USDA to show between 830 and 917 mbu for the October ending stocks forecast. USDA’s monthly Supply and demand estimates are to be released on Friday. Analysts are also expecting a 2.2 MMT reduction for world stocks. USDA has winter wheat planting 52% complete as of 10/4. The trade was looking for 48-50%, and the 5-yr average is for 47%. Winter wheat emergence was reported at 24%, compared to the 5-yr average of 21%.

Dec 20 CBOT Wheat is at $5.95, up 10 3/4 cents,

Dec 20 KCBT Wheat is at $5.37 1/4, up 13 cents,

Dec 20 MGEX Wheat is at $5.43 1/4, up 7 3/4 cents,

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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