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March Wheat finished down 3/4 at 750 1/2, 8 3/4 off the high and 1 1/2 up from the low. May Wheat closed down 3/4 at 760 1/4. This was 1 1/2 up from the low and 8 3/4 off the high.
KC and Chicago wheat spent most of the day in positive territory as European wheat futures rebounded and technical short covering was active. Kansas City wheat basis was firm on the day. Thoughts that China may have bought wheat from the US and Canada in the last week was supportive. Weather patterns point negative in the short term with another storm system set to develop in Texas by mid-week. The storms are expected to drop heavy rainfall in central TX with some flooding expected. Rainfall will push into Oklahoma and then moved into the eastern Corn Belt helping improve soil moisture conditions. US wheat remains competitively priced in the world market but major buyers from the Middle East have failed to tender this week. Some suggest buyers have good supply at the moment which could put the US export demand forecast at risk of a downgrade in this Friday's USDA report. India has become a major influence in the global wheat trade this year and Indian officials reported domestic wheat stocks as of January 1st at a whopping 34.4 million tonnes, more than four times the official target of 8.2 million tonnes for the quarter ending March. The data suggests India will continue to aggressively export wheat this crop year.
March Oats closed up 1/4 at 331 3/4. This was 3 up from the low and 2 3/4 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.