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Wheat Trading Higher ahead of Weekend

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Wheat futures are extending yesterday’s +20 cent rally with more gains. CBT wheat is the strongest so far with a double digit gain in Dec. The other front month SRW futures are 3 1/2 to 9 cents in the black. HRW futures are up 2 to 6 cents so far. MPLS is trading 3 3/4 to 6 cents higher as well. December milling wheat on the MATIF traded at a 12 month high ($6.58/bushel @ current exchange rate). USDA’s Export Sales report showed wheat bookings were on the high end of estimates with 529k MT sold. Mexico was the largest purchaser of the week ending 10/8 with 43% of the total. The week’s wheat shipments were 507k MT, bringing the accumulated shipments to 9.997 MMT (367 mbu). The top exported variety through the first 19 weeks has been HRW, with 41% of the total. White shipments through the first 19 weeks were 19% of the total. Japan bought 62,140 MT of US wheat in the weekly tender. South Korea purchased 65k MT of U.S. feed grade wheat in a tender for U.S. specific.

Dec 20 CBOT Wheat is at $6.29 3/4, up 11 1/2 cents,

Dec 20 KCBT Wheat is at $5.64, up 6 cents,

Dec 20 MGEX Wheat is at $5.64 1/2, up 5 3/4 cents,

--- provided by Brugler Marketing & Management

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