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Wheat futures broke ranks with corn and closed higher on the day, with KC wheat up a solid 8 1/4.cents. CHI wheat closed more than 2 cents higher and MPLS, more than 4 cents.The US drought monitor showed abnormally dry conditions expanding in some of the major winter wheat production areas, and the unusually warm temperatures favor more plants breaking dormancy.USDA weekly net export sales for the week ending January 22 were 565,400 MT, the largest weekly total reported since September 4, 2014.Net sales for the same week a year ago were 202,450 MT larger than the figure released today.Saudi Arabia is tendering for 660,000 MT of wheat from optional origins. As for other US products, the dollar means a harder time selling into some global markets, but Russia’s export restrictions that will kick in next week could open the door to some sales.
Mar 15 CBOT Wheat closed at $5.07 3/4, up 2 1/2 cents,
Mar 15 KCBT Wheat closed at $5.44, up 8 1/4 cents,
Mar 15 MGEX Wheat closed at $5.59 1/4, up 4 1/4 cents