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There were really no big surprises from the USDA stocks report on Monday.
heat futures ended mixed to mostly lower in Chicago, slightly lower in Kansas City and steady to lower in Minneapolis Friday. For the week, wheat futures extended their price slide. To halt the price slide, the wheat market needs fresh demand news.
Export sales Friday morning were again disappointing for corn, negative for soybeans and on the upper end of expectations for wheat.
Although the USDA report was considered bullish against trade estimates, wheat futures were unable to stave off heavy pressure from the other grain markets Friday.
KC and Chicago wheat markets trade higher early in the session Monday but saw pressure the second half of the day despite a strong performance by the corn and soybean markets and a lower US Dollar.
March Chicago and KC wheat traded lower on the day Thursday.
The market jumped higher into the mid-session on Thursday as traders seemed to react to news that only 40% of the freshly planted winter wheat crop was in good to excellent condition which is the lowest since at least 1986.
September Chicago Wheat traded sharply higher into the close Tuesday and posted a new high. The sharply higher trade was linked to a strong corn market and concern over the long term export potential for the Black Sea.
Wheat futures gave back much of Friday's earlier gains and finished only slightly higher at all three exchanges.
Same old story, second verse ... continued concern about South American weather forecast.