Wheat Markets Lower on Heavy World Stocks

The three wheat markets are 2 to 5 cents lower this Veterans Day morning, with Chicago SRW the weakest and Minneapolis the firmest of the three. MPLS futures were fractionally mixed on Friday. KC lost 2 to 3 ¼, and Chicago was down ¼ to 3 cents. HRS wheat finished the week 13 cents lower. The WASDE report had a 29 mbu reduction in US ending stocks, which are now seen at 1.014 bbu. USDA cut harvested acres by 900,000 after the re-survey. World Wheat ending stocks were bumped up 0.42 MMT over last month to 288.28 MMT. Australian and US production were cut, but other countries like the EU and Russia were increased. The CFTC commitment of traders report showed that managed money flipped their Chicago wheat position back to net short after a two week try at the bull side. They grew their net short with KC wheat, and in MLPS the spec funds were still net short 9,044 contracts as of 11/5.

-- provided by Brugler Marketing & Management

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