March wheat traded 2 cents lower late in the overnight session. Outside market forces look slightly negative this morning. Traders await USDA supply/demand report news for direction this morning. Traders believe US ending stocks could be revised slightly lower by a few million bushels from 870 million last month due to higher exports. World ending stocks are also expected to inch lower by about 1 million tonnes from 210 million last month which was a 12-year high. March wheat closed slightly lower on the session yesterday after a volatile two-sided 17-cent trading range. A turn from lower to higher for the US dollar and weakness in outside market forces helped drag the market from higher to lower on the day. The early rally challenged Tuesday's highs and the mid-session break pushed March and July wheat to the lowest level since January 31st. A sharp break in corn and weakness in gold and the stock market helped to drive the market to the lows of the day. Talk of the overbought condition of the market and ideas that warmer weather in Europe will ease crop concerns soon helped to pressure. For the weekly export sales report, also released before the opening, traders expect sales near 550,000 tonnes from 554,100 last week. Spain bought 200,000 tonnes of US wheat. Tunisia bought 50,000 tonnes of optional origin wheat. Iraq bought 100,000 tonnes of Australian wheat. Bangladesh is tendering to buy 50,000 tonnes of optional origin wheat.
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