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Wheat futures are sharply lower at midday as the market reacts to the smallest week of export sales for old crop reported so far during this marketing year. Trade expectations for the weekly USDA Export Sales report were in the 300,000 to 700,000 MT range. USDA put the combined old and new crop number at just 181,700 MT, with Ecuador the largest buyer.Old crop bookings were just 102,300 MT as we approach the end of the old crop marketing year.The weak export sales combined with light rainfall in the southern Plains yesterday to put some pressure on the futures market. A Bloomberg survey puts 2015 US all-wheat planting intentions at 55.67 million acres, including 40.66 million acres of winter wheat. In January, USDA put winter wheat at 40.452 million, so there is a bias toward finding a few more winter wheat acres.
May 15 CBOT Wheat is at $5.03, down 16 cents,
May 15 KCBT Wheat is at $5.44 1/4, down 18 3/4 cents,