Wheat futures posted double digit losses in MPLS and Chicago futures today and just barely avoided them in KC HRW with its 8 3/4 to 9 3/4 cent losses. Profit taking ahead of the weekend was the main driver. Even after the sell off, KC March was up 53 cents per bushel for the week (11.3%) on declining crop condition ratings and a mostly dry forecast for the first half of March in the most afflicted areas. Wheat export shipments totaled 330,694 MT last week, falling 20.9% from the previous week total and 35.53% behind the same week last year. Commitments for all wheat exports are now 12.4% lower than this time in 2017. They are 84% of the USDA projection, vs. 93% last year and the average of 92%. France’s soft wheat crop was rated at 83% gd/ex by the French AgriMer on Friday, down from 85% last week.

Mar 18 CBOT Wheat closed at $4.92, down 13 1/2 cents,

Mar 18 KCBT Wheat closed at $5.22, down 9 cents,

Mar 18 MGEX Wheat closed at $6.06 1/2, down 13 1/2 cents

Market Commentary provided by:

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