The wheat market is off to a strong start on reports that Russia may impose limitations on grain exports. The Russian Ag Ministry is discussing restrictive measures due to the worsening livestock situation as the Ruble retreats and forage costs increase. Weather forecasts show unseasonably warm temperatures moving into the southern plains over the next 10 days, and precipitation will remain below normal much of that range. The Argentina gov. increased its production estimate to 11.0 MMT, which is about 400k MT above other estimates, but the quality and protein levels will be low. Cash markets are steady, with the gulf market trading a little stronger nearby, but exports are still lacking for the long term. Outside markets could limit any gains today as Crude Oil is down $1.20 and equities are weaker. Look for wheat to carry overnight gains into the day session on the Russia news, but other markets are not seeing the support.
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