Wheat futures are fractionally to a penny lower in most winter wheat contracts, with spring wheat contracts 1-4 cents lower. This morning’s Drought Monitor saw moderate to severe drought expanding across the Southern Plains. That is showing little market effect on Thursday. The USDA indicated all wheat old crop export sales of just 71,463 MT for the week ending Jan 4. That is another MY low, and just 18.36% of the total for the same week last year. Shipments of wheat picked up 26.37% from last week and 67.33% from a year ago at 288,242 MT. Japan purchased 91,087 MT of US and Canadian wheat in their weekly MOA tender, with 56,981 MT US origin. The USDA is seen reducing world ending stocks slightly to 268.1 MMT in the Friday morning WASDE report.

Mar 18 CBOT Wheat is at $4.33 1/4, down 1 cent,

Mar 18 KCBT Wheat is at $4.39 3/4, down 3/4 cent,

Mar 18 MGEX Wheat is at $6.30, down 4 cents

Market Commentary provided by:

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