The wheat market slid six cents in KC and Chicago to close out the week, due to global stocks weighing on the recent rally. Crop concerns have been limited in scope for U.S. HRW so far, as precipitation has been good and temperatures have remained above normal most of the winter, and snow cover in the Black Sea has only a small area of Russia under watch. Global values crept up last week, as seen in the Egyptian tender results, as quality in some countries and exchange rates are having an impact on offers. KC spot market bids for 11 pro cars slipped going into the weekend, with specific spreaders needed to trade posted bids, and demand continuing for 12 pro and some 10.5 pro to balance grinds. Outside markets could be heavy on grains, as the USD is up 300 points and Crude Oil is steady. The wheat market will be pulled down by double-digit losses in soybeans, as finds were major buyers of soybeans and corn according to the CFTC.
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