Wheat Markets Steady to 4 Cents Per Bushel Higher

Wheat futures are steady to 4 cents higher this morning, led by MPLS spring wheat. They were mostly steady to 2 cents lower in the winter wheat contracts, with MPLS up 4 to 7 cents on Thursday. You will recall that the managed money spec funds have held a record large short position in MPLS wheat for the past several weeks. USDA Export Sales data showed bookings of just 286,600 MT, a 53% decline from the previous week. Commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. French consulting firm Strategie Grains raised its estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

Source: Brugler Marketing & Management

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