Thursday's weekly export sales report showed 372,000 metric tons of wheat were sold last week, down 47% from the week prior. There's been much talk China is rolling around looking to buy wheat, especially low quality wheat for the feed ration. I don't see that as being the case on several issues. One, China today released 1.2 million metric tons from its strategic reserves for its domestic millers. This is a sign that they're willing to use those reserves until new crop US wheat becomes available shortly as harvest begins late May. Also, India looks to export up to 800,000 metric tons of low quality wheat in the month of March to compete against the US.
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