The wheat market is continuing the lower trend coming out of the weekend, as soybeans lead grains lower on global pressure. Egypt’s GASC purchased one cargo of Russian wheat at $202/MT C&F, as rising offers showed the market risk of trading with the Egyptian buyer. Black Sea values have increased over the last few weeks, due to Ruble weakness and lack of producer selling. The U.S. has seen export sales improve over the previous marketing year, but that is definitely needed to take a chunk out of domestic stocks. Domestic prices continue to hold up in the interior milling markets, as buyers remain focused on buying needed bushels as they come up, while deferred bids have not improved quite as much. Outside markets are adding to the pressure in grains, with USD up 620 points, Crude Oil down 70 points and S&P futures only up 1 ½ points.
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