Wheat futures are mostly 4 to 5 cents lower this morning in the Chicago and KC HRW contracts. Minneapolis spring wheat is 1 1/2 to 2 1/2 lower. They settled the Thursday session with most CBT and KC contracts 3 to 6 1/2 cents in the red, as MPLS was fractionally to 1 cents higher. All wheat shipments were reported at 467,829 MT in Thursday’s Export Sales report. That was 9.18% lower than last week and 22.16% behind the same time last year. The USDA cash average farm price range for wheat was trimmed 10 cents to $4.55-$4.65, with the mid-point left at $4.60. China’s domestic use was increased 1MMT in Thursday’s WASDE, with Russian exports also up 1 MMT to 36 MMT. Most of the US loss in exports was gained by Canada, up 500,000 MT. Egypt’s GASC is seeking wheat for March 12-22 delivery, with the tender to close Friday. Russia has dominated that market as of late.

Market Commentary provided by:

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