The three US wheat future markets are 1 to 3 cents lower to begin Friday. Wheat markets faded their midday gains and ended the Thursday session in the red. There were zero delivery notices vs. Chicago March wheat overnight, but there were 100 more put out against KC March. At the Thursday close Chicago futures were down 2 1/4 to 5 1/2 cents. Kansas City wheat prices were down 4 1/2 to 5 cents. Minneapolis wheat prices closed fractionally higher to 1 3/4 weaker.

Export Sales data showed 219,226 MT of wheat were booked on the week ending 2/25. That was up 30% wk/wk but down from 542k from the same week last year. Mexico was the top purchaser. Accumulated wheat exports on the weekly report now trail last season by 3.5% as 17.63 MMT (647.7 mbu) have been shipped MYTD. USDA’s forecast is for 985 mbu. Outside of the weekly Export Sales report, Taiwan purchased 100,410 MT of U.S. wheat from their tender.  China has indicated that it will increase support prices for wheat and rice to encourage production.

Analysts surveyed ahead of the March WASDE predict USDA will 2.4 mbu to wheat stocks, which would leave 838.4 mbu of carryout if realized. Global wheat stocks are estimated at 304.5 MMT, up 300k from the Feb report if realized.

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