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Wheat futures ended the day with all three classes in negative territory. The IGC raised its estimate for 2014-15 global wheat production to 718 MMT, which is 1 MMT higher than the previous estimate.The World Ag Outlook Board had global production over 721 MMT in the October WASDE report.Much of the trade is anticipating at least a slight reduction in that figure for the November report as weather concerns developed this month in Australia and Argentina.Weekly export sales came in above the high end of trade expectations this week at 459,100 MT. Total commitments as a % of total projected exports are at 60%, which is the same as the 5yr average for this week.
Dec 14 CBOT Wheat closed at $5.36, down 2 1/4 cents,
Dec 14 KCBT Wheat closed at $6.02, down 4 1/2 cents,
Dec 14 MGEX Wheat closed at $5.77 3/4, down 4 3/4 cents