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;\">-- On Monday, grain trade sources reported Algeria is seeking nominal 50,000 mt of mill grade Wheat in a tender to close on Wednesday, March 12th. Offers should remain valid until Thursday, Mar 13th. The grain is expected for shipment in May if supplied from the usual EU suppliers. Shipment is expected in April if from the Americas or Australia.</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;\">-- EU and UK 2025 Soft Wheat production forecast was lowered to 137.2 mln mt by grain trade group, COCERAL on Tuesday. Their previous forecast was 140.4 mln mt back in December.</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;\">-- EU and UK 2025 Barley production forecast was lowered to 58.8 mln mt by grain trade group, COCERAL on Tuesday. Their previous forecast was 59.7 mln mt back in December.</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;\">-- Rosario Stock Exchange noted over the past few days heavy rain in main wheat producing regions are creating good conditions for the 25/26 wheat planting period in May.</span></p><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;\">State by State Ag Dept Weekly Crop Progress/Conditions</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;\">-- </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;\">Oklahoma</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 crop progress report released Monday (3/10) afternoon pegged the state's Winter Wheat conditions 21% very poor to poor, 33% fair, and 46% good to excellent versus last week's 29% very poor to poor, 36% fair, and 35% good to excellent.</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;\">-- </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;\">Texas</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 crop progress report released Monday (3/10) afternoon estimated the Winter Wheat crop 10% </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;\">headed</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;\">, up from 8% last week, inline with 10% in 2024, but lagging the long term average at 16%</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;\">-- </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;\">Texas</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 crop progress report released Monday (3/10) afternoon estimated the Winter Wheat </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;\">crop conditions</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;\"> at 40% very poor to poor, 32% fair, 28% good to excellent versus last week's 33% very poor to poor, 33% fair, 34% good to excellent.</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;\">-- Texas state crop progress report released Monday noted that in the Northern Low Plains, the Cross Timbers, and the Edwards Plateau, small grains were improving due to recent rain. In the Blacklands and South East Texas, some small grains were showing signs of freeze damage. In the Southern High Plains, winter wheat was damaged from blowing sand.</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 9, 2025 </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;\">Kansas</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;\"> crop report Monday placed winter wheat conditions rated 5% very poor, 12% poor, 31% fair, 45% good, and 7% excellent versus last week's 4% very poor, 10% poor, 32% fair, 46%, and 8% excellent.</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