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Wheat futures are favoring a mildly firmer tone in mixed trade.
Strength in the dollar index is limiting buying to short-covering, but traders are still noting the oversold condition of the market.
Traders are also focused on evening positions ahead of USDA's key Friday reports. Traders look for USDA to trim carryover, but for winter wheat acreage to be up from year-ago.
Upside potential is also being limited by rains moving across Texas this morning, although lighter amounts are being noted in Kansas and Oklahoma.
Gulf wheat basis is 2 to 5 cents lower for nearby delivery, suggesting a softening of demand.
*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.