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Wheat Market Fades Big Wednesday Advance

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Wheat starts the Thursday session with 2 to 6 cent overnight losses. The Chicago contracts are the weakest, with MPLS spring wheat less affected. SRW wheat futures had the largest gains on Wednesday, up 10 to 18 1/2 cents in the front months. HRW futures ended 8 to 10 1/4 cents higher. HRS futures closed with gains of 2 1/2 to 3 1/2 cents. Traders anticipate wheat export bookings from the week ending 03/19 will be between 200,000 MT and 500,000 MT. Traders also expect the new crop sales to come in at 150,000 to 450,000 MT. Trade estimates for March 1 wheat stocks appear are clustering around 1.4 to 1.5 billion bushels. That would be down from 1.59 billion last year. All wheat acreage estimates range from 44 to 46 million acres. If 45 million is realized, that would be about 0.5% below last year.

--- provided by Brugler Marketing & Management

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