Wheat futures saw most contracts steady to 3 cents higher in most CBT and KC contracts, as MPLS was up 2 to 5 3/4 cents. US all wheat export sales rose sharply in the week ending October 12 as 615,432 MT of sales were reported, surpassing analysts’ projections. That was nearly 3.5 times larger than the previous week and 19.8% above the same week in 2016.Mexico bought 180,000MT, with China buying 120,000 MT. The USDA also reported shipments of 315,031 MT, slightly lower than last week and lagging last year by 31.74%. Japan’s MOA purchased 64,658 MT of US wheat in their weekly tender, with a total of 123,736 MT bought from the US, Canada and Australia. Egypt’s GASC purchased 230,000 MT of wheat, with all cargos of Russian origin.

Dec 17 CBOT Wheat closed at $4.32 3/4, up 2 3/4 cents,

Dec 17 KCBT Wheat closed at $4.29 1/4, up 1 1/4 cents,

Dec 17 MGEX Wheat closed at $6.15 3/4, up 5 3/4 cents

Market Commentary provided by:

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