Wheat Market Fractionally Lower After Big Gains

Wheat futures start the week off steady to 2 cents lower, with nearby Chicago December the outlier with a half cent gain. Wheat futures made big gains on Friday, pushing futures to mostly higher on the week as well. Chicago wheat futures led the charge with 6 3/4 to 19 cent gains. They were up 32 1/4 cents on the week. Preliminary open interest showed net new buying, with OI rising 6,587 contracts. KC wheat rallied 7 to 12 cents, pushing the wk/wk change to +14 cents. Friday MPLS gains of 3 1/2 to 6 1/2 cents were not enough to overcome the previous drop, leaving MPLS futures 3/4 of a cent lower wk/wk. The Chicago/KC wheat premium at $1.09 1/4 is the highest on record. Chicago futures also hold a premium to MPLS wheat futures, of 53 cents, the highest Chicago premium since September 2007. USDA Weekly Export Sales were above trade estimates at 612,655 MT, the third largest sale this MY. With 27 weeks left in the MY, accumulated export shipments for wheat was up to 12.150 MMT which is 26.60% more than the same time last MY. There were again zero deliveries against Chicago December wheat, with the oldest long now 8/30/19. The 11 KC deliveries were all put back out. --- provided by Brugler Marketing & Management

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