Wheat futures saw gains of 5 to 6 cents in most CBT and KC contracts on short-covering ahead of year end. MPLS was up 10 1/4 cents in the nearby contract. This week’s frigid temperatures could cause an issue in areas with little snow cover, though no major news of winter kill has been reported. This week’s USDA Export Sales report will be delayed until Friday morning, due to the short week. Egypt purchased 180,000 MT of wheat from Russia in their latest tender for early Feb delivery. Russia presented 8 of the 9 offers, with Romania showing the only other offer.

Mar 18 CBOT Wheat closed at $4.28, up 5 3/4 cents,

Mar 18 KCBT Wheat closed at $4.25 1/2, up 5 1/2 cents,

Mar 18 MGEX Wheat closed at $6.21 1/4, up 10 1/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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