Wheat Close Higher on Short covering

Wheat futures saw 2 to 10 3/4 cent gains in most contracts on Monday, with traders covering shorts ahead of Thursday’s USDAs reports. The afternoon Crop Progress report showed the spring wheat crop 71% harvested as of Sunday, with the normal pace at 87%. All wheat shipments in the week of September 5 were tallied at 402,486 MT. That was a drop of 27.94% from the previous week and 8.86% lower than the same week last year. Australia’s ABARES cut their 19/20 wheat production estimate by 2.7 MMT from their previous estimate to 21.9 MMT. Saudi Arabia bought 780,000 MT of optional origin hard wheat over the weekend. Most of the contracts specified EU, N+S America or Australia, with 1 permitting Black Sea if it can meet the damage specification.

DEC 19 CBOT Wheat closed at $4.74 1/2, up 10 3/4 cents,

DEC 19 KCBT Wheat closed at $3.98, up 4 3/4 cents,

DEC 19 MGEX Wheat closed at $4.96 3/4, up 2 1/2 cents

Source: Brugler Marketing & Management

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