Traders took the recent lows as an opportunity to buy wheat, as the market digested report numbers and didn't find reason to push lower. Funds decreased their net short by 4k contracts yesterday, now 28k short. Egypt bought another 120 TMT of wheat at an average price of $211/MT C&F; this round included one Russian cargo and one French cargo. U.S. mills are now actively attempting to source high protein HRW to replace spring wheat in the grind as the MGEX/KC spread moved out to 40 cents, but high protein HRW is hard to find and will struggle to cover expected demand. Export sales reports are delayed until tomorrow, due to the Veteran's Day holiday yesterday. The USD is steady but remains strong, and Crude Oil continues to move lower, down 76 points this morning. Look for the wheat market to trade sideways as traders regroup after this week's USDA report and forecasts expect rain to move back into the Plains next week.
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