Funds stuck it to buyers again on Wednesday, with the daily estimates showing another 6k contracts added to the Chicago short position. The funds keep adding to the record short and that has pushed CBOT wheat to new contract lows the last two sessions. Weekly export sales exceeded expectations with 388 TMT for 15/16 and 98 TMT for 16/17. Egypt issued a tender for March 26-April 4 shipment, with the low FOB offer at $175/MT from Argentina. Extended forecasts show at or above normal precipitation for the southern plains for the next 10 days, as well as the next 30 and 90 day periods. It will be hard for the wheat market to see prices turn higher, without a weather scare. The first wave of USDA Outlook numbers showed 2016 all-wheat plantings at 51 MA and the average 16/17 price of $4.20. Price movement should be light, as Chicago wheat recovers some of the losses and outside markets are quiet.
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