TUESDAY 4/7/09 - A.M.

Weather concerns should provide some underlying support.  Outside market weakness will lead the way as fresh news is at a premium.

The USDA's next S&D report pops out Thursday morning. Markets shut down for Good Friday observance. 

Cold temps across the hard red winter wheat belt should keep KC wheat firm versus Chicago values. Syria bought 200,000 Mt of soft wheat with Russian and or EU origination. Japan Ag ministry canceled its weekly import tender.  An Iranian government body has approved plans to import another 2.18 million Mt of wheat in the 2009/10 Iranian crop year. This new lot is in addition to the 5 million Mt previously approved. The world's traditional wheat imports continue to test values and seek out low cost origination; Russian and EU sourcing in the lead.

SWW track bids continue to probe and locate parcels of 'free stocks'. Just enough daily origination to keep the pipeline unbroken.


TUESDAY 4/7/09 - P.M.

Outside market influences held serve and tossed CBOT wheat futures back sixteen to seventeen cents.  Weather worry premiums offered some support. 

SWW track prices took a small retreat.  Country reaction was minimal.