Wheat futures closed sharply higher on concerns about the freeze damage to the Soft Red crop in the Midwest. Technically markets also benefited from yesterday's reversal off of contract lows. Corn and soybeans were also higher but wheat was the leader. Today was also First Notice Day and there were no deliveries against the Chicago March wheat contract which helped support Chicago. Commodity funds were active buyers covering some of their 200 million bu net short position in Chicago. Export Sales for last week totaled 12.1 million bu for wheat including 1.6 million bu in Soft White sales. Corn sales were 28.2 million bu and soybean sales came in at 16.9 million bu. Soybeans continue to be support by the truckers' strike in Brazil. The U.S. Dollar was slightly lower today after trading sharply higher yesterday. Crude oil was higher.
Market hours: AM 9:00-11:10, PM 3:00-4:30 No PM market on Fridays No PM Hard Wheat Markets
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