WHEAT: STEADY

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Wheat market is trading higher on profit-taking ahead of the Memorial Day weekend. The wheat complex has settled lower for the majority of the past two weeks, but the downward momentum is easing at current levels. French new crop wheat is even with Russian at $265 FOB. EU export licenses totaled 249K tonnes bringing season total to 25.9 mmt. Turkish wheat prospects are down 10.4% to 19.8 mmt due to dry conditions, also this compared to USDA’s estimate of 15 mmt. Argentina wheat sowings estimated at 4.5 mmt, higher than previous estimates of 4.3 and 4.1 mln hectares. Indonesia bought three cargoes of Russian wheat this morning. U.S. wheat remains uncompetitive despite recent flat price break, which illustrates prices have a long way to go before the U.S. sees export demand. Outside markets are higher with the USD up 14 points, the S&P is up 1 point, and Crude Oil is up 40 points.

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