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Wheat Prices Stayed Stuck At Limit

Following news of ceasefire talks, the wheat markets turned south having reached their limited move by midday. Those talks allegedly reached no conclusion, though May prices were lock limit through the remainder of the session. July prices broke for a bit, but winter wheat July contracts did ultimately end the day a limited 85 cents weaker. July HRS closed 56 1/2 cents in the red. The other new crop futures went home 6.2% to 7.5% weaker in SRW, 5.9% to 7% lower in HRW, and 4.1% to 4.5% lower in spring wheat.  Pre-report estimates ahead of the weekly Export Sales data show traders anticipate between 250k and 600k MT of old crop wheat was sold during the week that ended 3/10. New crop wheat sales are expected to be below 100k MT.  Turkey’s TMO is seeking 270k MT of milling wheat via tender. Bangladesh is also looking for 50k MT. Jordan is on the market for a 120k MT optional origin tender of milling wheat. Japan’s MAFF is doing an 80k MT wheat SBS (simultaneous buy (international) and sell (domestic)) auction for Aug 25 delivery. Japan’s regular tender is for 104,483 MT of wheat form the U.S., Canada, and Australia.  The EU wheat shipments were at 19.1 MMT through March 13, that is 1.4% behind last year’s pace. Algeria and China were the top destinations.  May 22 CBOT Wheat  closed at $10.69 1/4, down 85 cents, Cash SRW Wheat  was $9.58, down 82 7/8 cents, May 22 KCBT Wheat  closed at $10.72 1/2, down 85 cents, Cash HRW Wheat  was $9.93 5/8, down 84 3/4 cents, May 22 MGEX Wheat  closed at $10.50 1/4, down 60 cents