Wheat futures are currently steady to 2 cents lower in most CBT and KC contracts on Turnaround Tuesday. MPLS is 5 to 6 1/4 cents in the red. All wheat export commitments are now 81.02% of the newly updated USDA export projection. The average is 87% for that week, with last year hitting 89% at this time. Japan’s Ag ministry is seeking 84,683 MT of wheat to be sourced from the US and Canada. The tender will close Thursday, with 60,463 MT sought from the US. The ABARE in Australia estimates the country’s winter wheat crop at 21.2 MMT, vs. the USDA’s 21.5 MMT. China sold 279,335 MT of wheat from state reserves on Tuesday, with 2.057 MMT offered at the auction.

Mar 18 CBOT Wheat closed at $4.62, down 2 cents,

Mar 18 KCBT Wheat closed at $4.77 1/4, down 1/4 cent,

Mar 18 MGEX Wheat closed at $6.03 3/4, down 6 1/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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