Wheat futures are trading 3 to 5 cents higher to start off the Wednesday session. They showed 6 to 8 cent gains in most contracts on Tuesday. World ending stocks are expected to see a slight reduction in Thursday’s USDA report, with the average trade guess 0.22 MMT below January at 267.8 MMT. On Tuesday, Taiwan purchased 77,200 MT of US wheat for March-April shipment. Japan is seeking 100,517 MT of wheat from Australia, Canada, and the US. The weekly MOA tender will close Thursday, with 33,442 MT sought from the US. Ethiopia is seeking 400,000 MT of wheat, with the tender to close February 13.

Market Commentary provided by:

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