Wheat Markets Fading Big Monday Rally
BRUG - Tue Nov 26, 7:24AM CST

Wheat futures are 1 to 5 cents lower this morning on Turnaround Tuesday profit taking. Chicago SRW is down the most after being the bull leader with a 15 cent gain on Monday. The other two markets were also higher. The Chicago wheat premium over KC expanded to 95 1/2 cents, which is the highest premium since 2010. KC and MPLS wheat are deliverable against Chicago wheat futures. Winter wheat emergence is up to 87%, which was 4 percentage points above last week’s Crop Progress Report number. The average for this week in the marketing year is 90%, with last year 85% emerged. USDA Crop condition ratings were UNCH at a 349 on the Brugler500 index. Weekly export inspections were 420,813 MT in the week ending 11/21. Last week was 462,780 MT. The accumulated exports since June 1 total 12.354 MMT (454 million bushels), a 22.24% increase over last year’s pace.

-- provided by Brugler Marketing & Management

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