At the close for the first trade day of the new week, domestic wheat futures were in the red. Chicago SRW was down the most with 1 1/2 to 7 1/2 cent losses. KC HRW prices ended the day down by 4 to 4 1/2 cents. Minneapolis spring wheat futures closed 1 1/2 to 3 1/2 cents in the red.  

The weekly Export Inspections report from USDA showed 482,130 MT of wheat shipped on the week ending 3/4. That was 41% above LW and 5% above LY. China was the top destination for the week’s shipment with 27% of the total. MYTD wheat exports trail last season by 3.5% with 18.59 MMT shipped through 3/4.

NOAA’s 7-day QPF shoes rain topping out at 5” in a precip band stretching from the great lakes through mid TX. Most of IL/IN will get more than 1 1/2” while the 5” pockets are along the SE/SW boarder of KS and MO. N OK will top out at 4” according to the forecast. KS reported 36% of the winter wheat crop is good/ex. That is down 1 ppt wk/wk. TX winter wheat conditions were 27% good/ex, also 1 ppt lower.

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