The wheat market benefitted from declining conditions and nearby physical demand and closed 3-6 cents higher on Tuesday. USDA S&D numbers came in near expectations and had very little effect on trading, showing U.S. carryout at 976 MB and global carryout at 239 MMT, both were minor increases. Cash values into the milling markets and the gulf are a few cents stronger and has narrowed the KC K/N to -10 ½. Weather forecasts continue to show good coverage for the S. Plains wheat areas this weekend and early next week, but most of the market is waiting to see if it comes through. Egypt was a buyer of 175 TMT of wheat yesterday from Romania and Ukraine at $193/MT C&F. Outside markets should be pressuring grains this morning, but that’s not the case so far, with USD up 650 points and Crude Oil down 60 points. Soybeans are the driver higher this morning, helping wheat to continue to move off lows.
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