Wheat futures are mostly 2 to 3 cents in the red in the MPLS and KC contracts, as CBT is down 4 to 6 cents. All wheat export inspections for the week that ended on 2/1 were 428,557 MT. That is down 26.32% from the previous week and lags the same week last year by 37.46%. This morning’s Stats Canada report showed all wheat stocks at 23.555 MMT on December 31. That was under most expectations and a 2.2% drop from a year ago. Of that total, durum wheat stocks were at 4.825 MMT, down 21.4% from last year. Iraq is seeking 50,000 MT of wheat from Australia, Canada, or the US with the tender closing Feb 11. In their recent tender, Saudi Arabia purchased 739,000 MT of wheat with origins of EU, North and South America and Australia.

Mar 18 CBOT Wheat is at $4.41, down 5 3/4 cents,

Mar 18 KCBT Wheat is at $4.60 3/4, down 2 1/2 cents,

Mar 18 MGEX Wheat is at $6.01, down 2 3/4 cents

Market Commentary provided by:

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