Caught some interesting wheat action on Wednesday - the complex was pretty mixed overall. Chicago SRW contracts dropped 1 to 3.5 cents, while Kansas City HRW also took hits of 1 to 3 cents. But Minneapolis spring wheat actually showed some late-day strength, closing up 1 to 4 cents. Kinda typical mixed signal stuff you see across commodities like coffee futures and grains. The real story though is the export data coming up for the week of 2/19 - traders are watching for around 250,000 to 500,000 MT of old crop wheat sales, with new crop expected between 0 to 50,000 MT. Algeria just grabbed 600,000 MT in a tender, which caught some attention. Meanwhile, Russia trimmed their 2025/26 wheat export estimate down 0.3 MMT to 45.4 MMT according to SovEcon. Mar 26 CBOT closed at $5.65 3/4, down 1 3/4 cents. Definitely worth keeping an eye on how these numbers play out.

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