Wheat Market Commentary

Wheat futures are 2 cents lower to 2 cents higher this morning, with Minneapolis spring wheat higher on spread trading. They were down 1 to 3 cents in the MPLS contracts, with CBT and KC 3 to 5 cents in the red. Tuesday’s Crop Progress report indicated planting progress in KS was 58% complete (49% avg), with OK 60% and TX 54% planted, both ahead of normal. That may change with this week’s weather pattern. The weekly Export Sales report will be delayed until Friday morning due to Monday’s holiday. The average trade estimate for world wheat 18/19 ending stocks is 261.2 MMT, which would be close to last month’s projection. USDA is expected to hike their forecast for US ending stocks, due to the September 28 data

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