The market for winter wheat decided that it was content trading on its own terms on Monday, closing 6 ½ to 8 ½ cents lower, ignoring strength in MGX, corn and soybeans. Export inspections slowed from the previous week, but still improved vs. LY at 642 TMT, with HRW making up 345 TMT of the inspections. Although inspections have been good to start the marketing year, we need to see the pace increase to take a bigger chunk out of the stocks, while movement will slow down some during the next couple months as corn and soybeans take over. Egypt’s GASC is tendering for Nov 1-10 shipment today, but there remains hesitation about whether or not the ergot policy is resolved. KC Dec is working back toward contract lows from late Aug. which would also cover the gap in the continuous chart. Look for weakness to prevail today, as the USD is up over 650 points and wheat is grinding lower with only huge stocks in view.
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