Wheat Market Commentary

Wheat futures are currently 3 to 5 cents lower. They were steady to 4 cents lower in most contract on Turnaround Tuesday after the US dollar index staged a mid-session rally. The CBT front months saw a little strength. Japan is seeking 143,643 MT of wheat, with the tender due on Thursday and 62,975 MT sought from the US. Taiwan’s tender for 110,000 MT of US wheat closes on Wednesday. EU soft wheat production is estimated at 128.6 MMT according to Coceral, down 1.3 MMT from their previous estimate. USDA exports sales data will be released on Friday. Government offices are closed today for the Bush observance.

--provided by Brugler Marketing & Management




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