Wheat futures are trading steady to 1 cent lower in the CHI and KC contracts this morning. MPLS spring wheat is trading a penny higher. They were 1 to 2 cents lower in most KC and MPLS front months yesterday, while the CBT was down 6 to 7 cents. CBT preliminary open interest dropped almost 5000 contracts, indicative of long liquidation focused in the March contract. All wheat export inspections for the week that ended on 2/1 were 428,557 MT. That is down 26.32% from the previous week and lags the same week last year by 37.46%. Analysts are expecting 17/18 US ending stocks to be steady in the February WASDE at 987.8 mbu, down just 1.2 mbu. Iraq is seeking 50,000 MT of wheat from Australia, Canada, or the US with the tender closing Feb 11. In their weekend tender, Saudi Arabia purchased 739,000 MT of wheat with origins of EU, North and South America and Australia.

Market Commentary provided by:

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