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March Wheat finished down 3 1/2 at 732, 8 3/4 off the high and 7 up from the low. May Wheat closed down 3 1/4 at 740 1/4. This was 7 1/2 up from the low and 8 1/4 off the high.
KC and Chicago wheat traded lower for most of the day despite an impressive display of export sales this morning. The market brushed off the positive data after corn and soybeans sales disappointed and on the heels of a sharply higher US Dollar. Net weekly export sales came in at 651,700 tonnes for the current marketing year and 54,600 for the next marketing year for a total of 706,300 tonnes. The old crop wheat sales beat market estimates and last week's sales which were reported at 291,000 tonnes. As of February 7th, cumulative wheat sales stand at 76% of the USDA forecast for current marketing year vs. a 5 year average of 83%. Sales of 426,000 tonnes are needed each week to reach the USDA forecast, down from 439,000 tonnes the week prior. US weather patterns also weighed on the market as forecasts call for another storm system to clip the western plains next week and beneficial precipitation for the eastern Corn Belt. Both of which should help ease drought conditions.
March Oats closed unchanged at 380. This was 5 up from the low and 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.