Wheat futures are mostly 4 to 6 1/4 cents lower in the CBT and KC contracts, with MPLS steady to 2 cents higher. All wheat old crop export sales were reported in the range of expectations this morning at 393,437 MT in this morning’s Export Sales report. That was 24.7% lower than the same time last year but 36.1% larger than last week. There was also 22,080 MT shown for 18/19 sales. US ending stocks were raised 20 mbu by the USDA this morning to 1.009 bbu. That mainly came from a 25 mbu reduction to US exports. Meanwhile, world ending stocks were cut 1.92 to 266.1 MMT, on larger domestic use. Japan’s MOA reported that the country purchased 100,517 MT of Australian, Canadian, and US wheat on Thursday, with 33,442 MT sourced from the US.

Mar 18 CBOT Wheat is at $4.56, down 4 1/2 cents,

Mar 18 KCBT Wheat is at $4.74 3/4, down 6 1/4 cents,

Mar 18 MGEX Wheat is at $6.13 3/4, up 1 1/2 cents

Market Commentary provided by:

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