Wheat futures are trading 1 to 2 cents lower in all three markets this morning. They finished the Thursday session 1-2 1/4 cents higher in most nearby KC and CBT contracts, while back months were lower. MPLS was steady to 4 1/2 cents higher on a tighter ending stocks forecast. The weekly USDA Export Sales report showed sales well above expectations at 781,739 MT. That was a jump of 124.8% over last week, but just 1.6% larger than a year ago. The main WASDE adjustment on Thursday came in the form of a larger US export projection, 25 mbu higher at 1 bbu. That lowered US ending stocks 25 mbu To 935 mbu. Russia’s production was increased 1 MMT to 83 MMT, as smaller carryin and larger exports drove the world ending stocks lower. On Thursday, Japan purchased 132,390 MT of wheat from Australia, Canada, and the US, with 57,995 MT of US origin.

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