Wheat Market News and Commentary

Wheat futures are on both sides of UNCH this morning, ranging from a penny lower (MPLS) to 1 1/2 higher (KC HRW). They ended the Friday session with most contracts steady to 2 1/4 cents higher. A firm dollar limited those gains with some follow through from buying on Thursday. The dollar was firmer again overnight. Nearby CBT was down 1 3/4 cents last week, with KC up 1 1/2 and MPLS 0.75% higher. Bangladesh is tendering for 50,000 MT of 12.5% protein optional origin wheat this week. Private forecaster SovEcon is estimating Russian wheat exports for January will drop to 2.3 MMT from 4.3 MMT in December. EU soft wheat exports since July 1 now total 12.218 MMT, down 27% from the previous year. Imports are up 48% at 1.951 MMT.

--provided by Brugler Marketing & Management

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