March wheat traded 3 cents higher late in the overnight session. Outside market forces look positive this morning with more optimism regarding Greek debt issues being resolved. Ideas that the US wheat exports could pick up steam ahead as US is more competitively priced helped to provide underlying support in recent days. European wheat futures were up almost 1% overnight on continued winterkill concerns for Poland and Romania but temperatures appear to be warming. Russia's key export port has halted shipments due to stormy and cold weather but could resume exports any day. March wheat closed moderately lower on the session yesterday even after a push to near unchanged on the day late in the session before active selling emerged to pressure. Talk of moderating temperatures in the forecast for Europe and weakness in other commodity markets and a bounce in the US dollar helped to pressure the market. A recovery in the other grains helped support a bounce off of the lows into the mid-session. Tunisia is tendering to buy 25,000 tonnes of soft wheat. Talk that Kansas and northern Oklahoma could receive a bit more moisture this week and into the weekend added to the negative tone. French officials revised their ending stocks estimate to 2.4 million tonnes from 2.3 million previous. Exports are still pegged at 8.7 million tonnes from 12.9 million last year. Syria passed on a tender to buy 100,000 tonnes of soft milling wheat from any origin. Taiwan is tendering to buy 85,250 tonnes of US milling wheat. Texas weekly crop conditions this week showed that the crop was 43% rated poor to very poor from 38% last week but still not as bad as 52% last year. Traders see a slightly tighter ending stocks outlook for the old crop season for world and US wheat for the USDA supply/demand update in the morning. Some traders see US exports increase by about 25 million bushels to 975 million which could push ending stocks down by the same amount.
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