Wheat Mixed at Fridays Close

Wheat futures closed Friday with winter wheat contracts 2 to 4 cents lower, as MPLS was up 2 to 4 cents. Commitment of Traders data showed spec traders expanding their record net short position in MPLS wheat futures and options as of 9/17 at -23,071 contracts. Export commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. They are 46% of the USDA projected total, with the normal pace showing 52% complete at this point in the year. Russia’s IKAR left their 2019 wheat production estimate at 75 MMT, which compares to the USDA at 72.5 MMT. EU wheat production is seen at 143.3 MMT for 2019 according to Coceral, a 3 MMT jump from their prior number.

DEC 19 CBOT Wheat closed at $4.84 1/4, down 3 3/4 cents,

DEC 19 KCBT Wheat closed at $4.07 1/2, down 2 cents,

DEC 19 MGEX Wheat closed at $5.24 1/4, up 4 cents

Source: Brugler Marketing & Management

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