The wheat market lost all of Friday’s gains yesterday, as Crude Oil and corn pushed lower. Funds sold an estimated 6k contracts of CME wheat on Monday, taking the net short back to 92k contracts. The USDA Jan. S&D, Quarterly Stocks and winter wheat plantings reports come out at 11 AM today, but the wheat market does not expect much adjustment other than reduced acres. The key will likely be corn and soybeans balance sheets, and adjustments made in those markets. Weekly export inspections were within the estimate range at 394k MT, but continues to trail the pace to reach the USDA estimate. U.S. stocks are attempting another round of gains this morning and Crude Oil is trying to steady the ship after big losses yesterday. Look for quiet trade in grains ahead of the report, with most estimates showing neutral to bearish activity expected after the release.
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