December wheat was 12 1/2 cents lower overnight. The dollar was mixed to lower amid a broad sell off in the commodity market sector. December wheat pushed down into the lower half of it 3-month trading range overnight as potential anti-inflationary moves by China and debt worries in Europe helped to trigger a broad sell off in commodity markets. In addition, a broad rain system moved across much of the hard red winter wheat belt overnight and into this morning, hitting the Texas Panhandle, north central and NW Oklahoma, central and eastern Kansas and SE Nebraska before moving into Iowa and western Missouri. While this is expected to skip much of the soft red winter wheat belt and western Plains, some rain is expected in the Midwest next week. All of this rain is welcome. The improvement on the Plains boosts the outlook for the overall winter wheat crop, but more rain will be needed in the western and north central Plains along with almost all of the Midwest according to analysts. Traders report that Iraq bought 250,000 tonnes of wheat from the US, Australia and Ukraine. South Korea’s Major Feedmill Group is looking to buy 110,000 tonnes of feed wheat for April delivery. Bangladesh is set to tender for 50,000 tonnes of wheat and 30,000 tonnes of rice. The EU cleared 501,000 tonnes of wheat for export in the latest reporting week, bringing the total for the marketing year so far to 8.8 million tonnes. This compares to 6.6 million cleared by this time last year. The USDA’s Export Sales report is due out this morning, one day late due to the Veteran’s Day holiday. Traders are looking for sales to be as high as 500,000 tonnes, in line with or slightly higher than the average needed each week to reach the USDA’s current export projection

Bron: CME