Overnight trade continued the sideways pattern for wheat, after a mixed close on Tuesday. Fund buying led to gains early, but a late sell-off surfaced ahead of the close. Egypt’s Ag Ministry said it will accept wheat shipments with 0.05% ergot, reversing the zero-tolerance policy, and taking a balanced stance with GASC specifications, and now the market will look for the next tender and offers that are shown. Spring wheat values have trended weaker over the last few weeks, giving buyers no incentive to replace HRS with high protein HRW stocks in the near term. The snow cover received early this week in W. & N. KS will help protect against some cold threats, but a warmup is moving in. The USD has pushed back below the 99 level and off over 550 bp this morning, while Crude Oil and S&P futures are slightly higher. Look for the wheat market to trade quietly within the recent range, as there is no news to give any clear direction.
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