Friday wheat futures are 1 to 3 cents lower ahead of the USDA reports. Nearby wheat contracts lost 3 to 4 1/2 cents on Thursday, with MLPS leading the way. The weekly Export Sales for wheat were 360,568 MT which was down 16.98% compared to last week’s sales and a 45.47% decline over the same week last year. FAS shows 408,500 MT of wheat was shipped out for the week ending 10/31; with the main destinations being Japan (20.95%), Philippines (15.91%), South Korea (15.59%), Mexico (13.17%), and Taiwan (12.44%). Accumulated exports through the first 22 weeks of the MY are 10.766 MMT, which is up 25.47% over last MY’s pace. Analysts are anticipating the WASDE report will show US ending stocks down about 8 mbu from last month, with world ending wheat stocks around 287.8 MMT.
-- provided by Brugler Marketing & Management