Export competition and US moisture pushes wheat to new down trend lows. January 10, 2023
New lows were made for March Chicago and KC futures. Chicago's close was right next to its lowest close. KC posted both new lows and a new low-close. March Minneapolis came quite close to a retest of current lows. Export pricing out of the Black Sea, and continued stable moisture forecast for the US Plains, are issues. The trade also suggests Russia's cargo inspections via the Ukraine deal could pick up.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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