Just noticed wheat futures news showing some decent upside this Tuesday morning, with prices bouncing 1 to 7 cents across the board after Monday's selloff. CBOT March contract is up 5 cents after dropping 16 3/4 cents yesterday, and May is holding up around 3 1/2 cents higher. Interesting timing given the USDA export data that came out - wheat shipments last week hit 344,272 MT, which was actually down from the prior week but the marketing year totals are still running about 19% ahead of last year. Saudi Arabia also just picked up 794,000 MT in their weekend tender, so there's still demand out there. The wheat futures news keeps getting mixed signals though. Weather forecasts showing lighter precipitation in parts of Kansas and the panhandles while the eastern Plains expect heavier rain. Definitely watching how these contracts hold through the rest of the session.

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