Wheat futures are 2 to 3 cents lower this morning in the SRW and HRW futures. The MPLS spring wheat is trading fractionally higher. Wheat saw sharp gains of 12 to 14 1/4 cents in most CBT 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 run 200,000-500,000 MT in this morning’s USDA report according to pre-report surveys. 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 calendar 2017, a jump of 30.4% from 2016.

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