Wheat Morning Update
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Wheat Morning Update</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">QT News - Top News</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- For the week ending March 18, Russia's Ag Ministry set the Wheat export tax at 2,444.40 roubles/mt that compares with the previous week's 2,177.70 roubles/mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- For the week ending March 18, Russia's Ag Ministry set the Barley export tax at 874.80 roubles/mt that compares with the previous week's 680.90 roubles/mt</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Analysts Estimates for March 2025 USDA-WASDE US Production and US-World Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">To be released March 11, 2025 at 11:00 am CT</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">)</span></p><br><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:13pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Wheat</span></p><br><div align=\"left\" dir=\"ltr\" style=\"margin-left:0pt;\"><table style=\"border:none;border-collapse:collapse;\"><tbody><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Average Estimate</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">USDA February 2025 Report</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">US Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(bln bu)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">US 24/25 Marketing Year</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">0.79</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">0.794</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">World Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(mln mt)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">24/25 Marketing Year</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">257.6</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#bd9a7a;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">257.56</span></p></td></tr></tbody></table></div><br><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Pending Tenders</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Pending Tender: International trade sources Wednesday (2/12) reported </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Algeria</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"> is again seeking up to 240,000 mt of </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Corn</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">, and 35,000 mt of </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Barley</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"> in a snap tender to close on </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Thursday, Feb 13th</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">. The new tender announcement likely means the state grain buyer did not make any significant size purchases at last week's corn and barley tenders.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Grain trade sources Monday reported </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Iran</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">'s state feed importer set </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Wednesday, Feb 26</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"> as the offer deadline in tenders seeking up to 120,000 mt of feed </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Barley</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Pending Tender: A </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Syrian</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"> state backed grain buyer Wednesday (3/5) announced a tender to close on </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">March 10th</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">, seeking up to 100,000 mt of optional origin soft mill grade </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Wheat</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">. Shipment is expected within 30 days of signing an agreement. Trade sources say the transaction would be made in US dollars.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Pending Tender: On Thursday (2/27), </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Jordan</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">'s state grain buyer issued a tender deadline on </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">March 11th</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">, seeking up to 120,000 mt of optional origin