US Wheat Futures Mostly 3 to 4 Lower

Wednesday wheat is starting off Wednesday with 3 to 4 cent losses due to profit taking. Wheat futures finished Tuesday’s session higher, with Kansas City HRW futures leading the way with 16 cent gains. Chicago SRW wheat also topped double digit gains, closing 11 1/4 cents. MPLS HRS gained 6 1/2 cents on Turnaround Tuesday. Traders had underestimated weekly wheat export inspections, as the 528,875 MT were well above the expected range of 250-350,000 MT. Wheat export inspections are 44.42% higher than the week ending 10/31 and were 33.03% higher than the same week last year. The MY accumulated export inspections for wheat are now 421.07 mbu, which is 79 mbu above last year’s pace. The Crop Progress report, delayed by the holiday, illustrated that winter wheat planting was on schedule at 92% planted and 78% emerged.

-- provided by Brugler Marketing & Management

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