Wheat futures are 5 to 8 cents lower in most contracts on Friday. All wheat shipments were reported at 467,829 MT in Thursday’s Export Sales report. 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 purchased 360,000 MT of wheat in their recent tender on Friday, with 4 cargoes sourced from Russian and 2 from Romania.

Mar 18 CBOT Wheat is at $4.49 3/4, down 6 1/2 cents,

Mar 18 KCBT Wheat is at $4.66 1/2, down 8 cents,

Mar 18 MGEX Wheat is at $6.07 3/4, down 5 1/4 cents

Market Commentary provided by:

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