Wheat futures saw sharp gains of 12 to 14 1/4 cents in most CNT and KC contracts on Wednesday. MPLS was 4 to 6 cents higher on the day. Forecasts for continued dryness in the Southern Plains are providing support. All wheat export sales are expected to be tallied at 200,000-500,000 MT in tomorrow’s USDA report. During December, the US exported 2.148 MMT of wheat. That was 2.36% below last year but 53.81% larger than November. Russian customs data shows that 33.026 MMT of wheat was exported during 2017, a jump of 30.4% from 2016.

Mar 18 CBOT Wheat is at $4.60 1/2, up 14 1/4 cents,

Mar 18 KCBT Wheat is at $4.81, up 12 cents,

Mar 18 MGEX Wheat is at $6.12 1/4, up 4 cents

Market Commentary provided by:

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