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We observed that wheat exports have been robust, particularly surprising in the bean sector. Despite a minor cancellation in wheat sales, the consistent solid weekly sales for the past six to seven weeks have kept the market from being too concerned. However, we note that the overseas wheat market is still on a downward trend despite trading higher the previous night.
The conversation shifts to market trends, where we ponder whether the stress is to the upside or downside. We discuss the recent fund purchases and the possibility of continued short covering in wheat, which could provide some support against the downward pressure from overseas wheat offerings.
