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March Wheat finished down 8 1/4 at 747 1/4, 11 off the high and 7 1/2 up from the low. May Wheat closed down 8 at 756 3/4. This was 7 3/4 up from the low and 10 3/4 off the high.
KC and Chicago wheat traded lower on the day after a somewhat disappointing export sales report this morning. Net weekly export sales came in at 400,400 tonnes for the current marketing year and 2,100 for the next marketing year for a total of 402,500. This was down from over a million tonnes sold last week. As of December 27th, cumulative wheat sales stand at 67% of the USDA forecast for the current marketing year vs. a 5 year average of 74%. Sales of 426,000 tonnes are needed each week to reach the USDA forecast, up from 425,300 tonnes last week. Weekly sales have picked up over the last 4 weeks which is supportive long term to the wheat market. US Stocks were higher on the day despite a disappointing Non-Farm Payrolls report. The US Dollar continues to climb higher which limited gains across the broader commodity complex.
March Oats closed down 5 at 332 3/4. This was 3/4 up from the low and 7 off the high.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.