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Japan: Japan will allow gas blends using U.S. ethanol

Wheat struggled in the Thanksgiving shortened week as weekly export inspections came in at 9.5 million bushels (259,264 metric tons). This was the third lowest weekly total for the year. Trade was expecting 250,000 to 450,000 metric tons.

Russian wheat exports are up 26 percent from last year for the period July 1 through Nov. 15. This number was released Nov. 20 and put further pressure on wheat contracts. The Russian Ruble was also lower after slight gains the previous week. Black Sea Region prices are down for the third straight week at $191 per metric ton Free On Board.

Winter wheat ratings declined 2 points in the good to excellent category lending minor support in Nov. 21 trade. The western tier states of Montana, South Dakota, Nebraska, Kansas and Texas show the poorest ratings. Winter wheat emergence is right at the 5 year average of 88 percent.

It was reported that the Ural mountain region of Russia tested nearly 1,000 times the normal level for radiation. There is speculation that a nuclear incident occurred in September and it is unclear what the impacts will be, but this led to short covering in Nov. 21 trade.