The weakness in the USD has not been enough to keep the wheat market positive this week, as poor export sales and lack of other fundamental support has left futures in a lower pattern. Estimates for the Feb. 9th USDA Supply & Demand reports show few changes for the wheat balance sheets, with U.S. carryout up slightly, while global carryout sees a small decline. Traders need to see an increase in feed use in the U.S. and globally to knock down stocks, and subsequently give a bullish signal. Egypt’s GASC is looking for March 2-11 shipment again today, after no offers came in earlier this week, but there are reportedly offers from France, Russia, and Romania. Algeria is now reported to have purchased 840 TMT of optional origin milling wheat, up from 450-500 TMT reported yesterday, likely coming from France. Rail bids continue to float lower, with mills saying they have coverage for February and March, and resellers haven’t shown any late needs the last couple months.
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