Hard Red Wheat Futures PricesMon, Jan 26th, 2015
Latest Brugler Hard Red Wheat Report
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Wheat futures are trading lower at midday. MPLS wheat is the firmest of the three classes, off mostly 4 cents. KC is down mostly 6 to 7 cents, and CHI wheat is as much as 6 cents lower, despite the US Dollar Index trading in the red. Weekly export inspections were nothing that the market could get excited about at 263,035 MT. That was down 16.3% from last week and well below the weekly total for a year ago. YTD inspections are now 32.5% below a year ago. The net position for managed money accounts had flipped from long to short during the week ending Tuesday January 20. Their net long position in KC wheat shrank as well. Warm weather with highs in the 60s, and lows above freezing for some winter wheat areas bears watching.
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