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Wheat futures are 3 to 4 cents lower this morning in the CHI and KC contracts. They ended Turnaround Tuesday with most KC and CBT contracts 2 to 3 1/2 cents lower. Minneapolis spring wheat is fractionally lower this morning after MPLS was 7 to 8 1/4 cents lower on Tuesday. The CME Group raised margin requirements for KC HRW by $150 and increased margins for CBT wheat by $50. Japan’s Ag ministry is seeking 84,683 MT of wheat to be sourced from the US and Canada. The tender will close Thursday, with 60,463 MT sought from the US. The ABARE in Australia estimates the country’s winter wheat crop at 21.2 MMT, vs. the USDA’s 21.5 MMT. China sold 279,335 MT of wheat from state reserves on Tuesday, with 2.057 MMT offered at the auction. The US isn’t the only one have trouble exporting. France AgriMer cut projected 2017/18 French exports and raised projected soft wheat carryover to 3.25 MMT today from 2.9 MMT.

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