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Wheat futures were slightly higher for HRS, and steady to slightly lower for HRW and SRW contracts today. A lower US Dollar Index helped the wheat market hold up fairly well after USDA published an even larger figure for both US and world wheat ending stocks. The world figure was up 6.83 MMT from the January report, but most of it came from a drop in the estimate for Chinese consumption in both last year and this year. The market likely recognizes that the wheat is unlikely to ever leave that country anyway. US wheat ending stocks were up 25 mbu from a month ago due to a cut in projected exports, but the average farm price was unchanged. Japan is tendering for 146,000 MT of optional origin wheat, with results expected Thursday.
May 16 CBOT Wheat settled at $4.61 3/4, down 1 1/4 cents,
May 16 KCBT Wheat settled at $4.54 3/4, down 3/4 cent,
May 16 MGEX Wheat settled at $4.92 1/2, up 1/2 cent