Wheat was down 6-7 cents in KC and Chicago yesterday, as poor export sales set the weaker tone. Egypt’s GASC purchased 60 TMT of French wheat for May 10-20 shipment at $192.34/MT C&F, which is $3/MT higher than the last tender and only 5 cargoes were offered. Global exporters continue to show reluctance to do business with Egypt, but some countries have to move stocks. Analyst estimates ahead of the USDA S&D reports next Tuesday show a slight increase in U.S. carryout to 977 MB and marginal increase in global carryout to 237.22 MMT. Weather forecasts show slightly less coverage of beneficial moisture for KS this weekend, but extended forecasts continue to show rain. Outside markets will be the market driver to the higher side today, as Crude Oil is up $1.80/bbl, pushing equities higher. Look for grains to trade above unchanged, but it doesn’t look like we break out of the downtrend on this move.
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