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Wheat futures are steady to 1 cent higher this morning. They finished Thursday’s trade with most contracts lower, as MPLS was the weakest. KC HRW contracts were held to fractional losses yesterday, with the Drought Monitor showing dryness expanding across the Southern Plains. The USDA indicated all wheat old crop export sales of just 71,463 MT for the week ending Jan 4. That is another MY low, and just 18.36% of the total for the same week last year. Shipments of wheat picked up 26.37% from last week and 67.33% from a year ago at 288,242 MT. Japan purchased 91,087 MT of US and Canadian wheat in their weekly MOA tender, with 56,981 MT US origin. Traders are expecting Dec 1 wheat stocks to be close to last month’s 960 level, with higher ideas tied to USDA either cutting feed use or exports.

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