Thursdays weekly export sales report dealt more negative demand news across-the-board. Wheat exports last week for future shipment were estimated at 651 thousand metric tons up 26% from last week. The problem is last week's report was a weak number. Big world wheat buyer Egypt was absent for the second consecutive week. We need 750 t.m.t. or more to be bullish. Egypt has put out offers on the world market this week to purchase from the lowest bidder and traders hoped the US would capture the lions share of business, but nothing has showed up.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
