Front month wheat futures closed the FND for December with double digit losses. CBT wheat ended 2.72% to 3.41% lower on the day. Dec CBT closed 24.25 cents above the cmdtyView national average cash price. KC wheat futures ended the session 2.8% to 3.2% lower. Dec closed 32 cents above the national average cash price. MPLS futures ended the day with 2.5% to 2.98% losses, and Dec basis strengthened 1.25 cents to 44 1/2 under. There were 598 deliveries issued against Dec MPLS futures. CFTC data showed that as of 11/24 managed money was 15,299 contracts net long Chicago, which was an 885 contract increase on lower OI. KC wheat specs were also 454 contracts more net long on lower OI to 48,421. Managed money was 207 contracts less net long to 5,854. The last national update to wheat emergence for 2020 showed it was 92%, up one from the average, with a 46 good/ex rating. Wheat shipments from the week ending 11/26 were 502,788 MT. That was up from 363k LW and 335k MT from the same week last year. Russia’s Ag Ministry announced they may allow for more exports, disclosing talks to increase the export quota from 15 MMT to 17.5 MMT. Egypt’s GASC issued an international wheat buying tender after the big sell off today. China auctioned 674,796 MT of wheat from state reserves last week, for an average selling price 2,340 yuan/MT (~ $9.68/bu).

--- provided by Brugler Marketing & Management