Wheat markets are 5 to 8 cents higher, led by KC HRW. Front month wheat futures ended the Wednesday session with losses. SRW futures closed 0.67% to 1.3% in the red. December and later Chicago futures dropped a dime to $6.55 in the case of WZ. KC HRW closed 1.1% to 1.2% weaker. The new crop Chi/KC spread is 6 3/4 cents. Minneapolis wheat futures ended the Wednesday session with 0.9% to 1.1% losses. The new crop Chi/MPLS wheat spread closed with a zero cent premium. Algeria bought a chunk of wheat on the dip yesterday, but paid higher prices than they did at the end of December. China sold 3.94 MMT of wheat from state reserves last week. That was 99.7% offered, for an average price of 2,504 yuan/MT ( ~ $10.54/bu). Much of it was expected to be used for livestock feed, as corn prices are higher.
--- provided by Brugler Marketing & Management
