More Drops for Friday Wheat

Friday wheat futures finished Friday with losses, MPLS falling as much as 9 cents on the day. CFTC reported that managed money reversed their Chicago wheat position from a 654 contract short to a 391 contract long as of 11/12. Kansas City wheat futures have a net short by managed money spec funds, to the tune of 22,689 contracts. They were more bearish the week before. The USDA updated the weekly export sales for the week ending 11/07, with wheat totaling 238,620 MT. Unshipped sales are 25.9% below the same week last year. The USDA reported 453,591 MT of wheat shipments for the same week, pushing the MY accumulated shipments to 11.219 MMT (26.87% above last year’s pace).

DEC 19 CBOT Wheat closed at $5.02 3/4, down 5 cents,

DEC 19 KCBT Wheat closed at $4.17, down 5 1/4 cents,

DEC 19 MGEX Wheat closed at $5.03 3/4, down 9 cents

-- provided by Brugler Marketing & Management




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