Wheat Reacted to World Carryout
BRUG - Fri Nov 08, 4:47PM CST

Kansas City wheat futures were 5 1/2 cents lower at the end of the week, riding a 2 1/4 to 3 1/4 cent loss into Friday’s close. SRW Chicago wheat finished with 1 to 3 cent losses, pushing the wk/wk loss to 5 3/4 cents. MLPS wheat futures were higher after the report’s release but have since cooled off to close fractionally lower. HRS wheat finished the week 13 cents lower. The WASDE reports from this morning showed a 29 mbu reduction to the 2019 US ending stocks, and are now forecasted to be 1.014 bbu. USDA cut harvested acres by 900,000 after the re-survey. World Wheat ending stocks are bumped up 0.42 MMT over last month to 288.28 MMT. Analysts were expecting, on average, a reduction, so this came as a surprise to the market. The US accumulated exports through the first 22 weeks of the MY are 10.766 MMT, which is up 25.47% over last MY’s pace. The CFTC released their commitment of traders report, and showed that managed money flipped the two week trend for Chicago wheat, returning to a net short position. They grew their net short with KC wheat, and MLPS was net shorted by 9,044 contracts as of 11/5.

DEC 19 CBOT Wheat closed at $5.11 1/2, down 2 1/4 cents,

DEC 19 KCBT Wheat closed at $4.19, down 3 1/4 cents,

DEC 19 MGEX Wheat closed at $5.18 1/2, down 1/4 cent

-- provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.