Wheat Nicked by Friday Profit Taking

Wheat futures ended the Friday session with most KC and MPLS contracts steady to 4 cents lower and CBT slightly higher. Credit that to pre-weekend profit taking. On the week, Dec CBT wheat was up 4.26%, with KC 1.53% higher and MPLS up 2.12%. CFTC data showed specs in MPLS wheat futures and options adding 1,657 contracts to their record net short position to 22,805 contracts as of Tuesday. USDA made several changes to the production category of other main countries on Thursday. They cut Australia by 2 MMT to 19 MMT, with Ukraine and Russia both down 0.5 MMT to 28.7 MMT and 72.5 MMT respectively. SovEcon added 0.5 MMT to their Russian projection, now at 75.9 MMT. Paris Milling futures are at their highest point since mid-August.

DEC 19 CBOT Wheat closed at $4.83 1/2, down 1/4 cent,

DEC 19 KCBT Wheat closed at $3.99 3/4, down 3 3/4 cents,

DEC 19 MGEX Wheat closed at $5.05 1/2, down 1 3/4 cents

Source: Brugler Marketing & Management

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