The wheat complex continued the pressure on Wednesday. Chicago contracts closed with 9 to 14 cent losses. Kansas City futures were 6 ¾ to 10 cents lower across the board. MPL spring wheat futures saw 6 ¾ to 9 ¼ cent weakness at the close.
Traders are looking for the weekly FAS Export Sales report to show between 300k and 550k MT of wheat bookings for the week that ended 2/8.
Russia’s SovEcon raised their estimate for 24/25 production by 1.4 MMT to 93.6 MMT. Russia’s Export Tax was raised by 11.8% to 4,058.9 rubles/MT.
Egypt’s GASC is tendering for wheat for mid-April delivery with the deadline for offers set for tomorrow.
Mar 24 CBOT Wheat closed at $5.85 1/2, down 12 cents,
May 24 CBOT Wheat closed at $5.83, down 14 cents,
Mar 24 KCBT Wheat closed at $5.84, down 8 1/4 cents,
Mar 24 MGEX Wheat closed at $6.62 1/2, down 9 1/4 cents,
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