Wheat futures are mostly a penny to 3 3/4 cents lower in most CBT and KC contracts on Wednesday. A few forecasts are showing rain chances across the Southern Plains in the next couple weeks. The 7-day QPF is dry. Analysts are expecting to see the old crop US ending stocks number slightly higher at 1.015 bbu in Thursday’s USDA WASDE report. World ending stocks are seen at 265.63 MMT, down a slight 0.47 MMT. The USDA Export Sales report will also be released on Thursday at 7:30 a.m. CST, with trade estimates running 200,000-500,000 MT for old crop. Last week’s report showed sales of just 191,122 MT. New crop estimates are at 0-100,000 MT.

Mar 18 CBOT Wheat is at $4.98 1/4, down 3 3/4 cents,

Mar 18 KCBT Wheat is at $5.27 1/4, down 2 cents,

Mar 18 MGEX Wheat is at $6.27 1/4, unch ,

Market Commentary provided by:

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