Overnight wheat trading has the complex 3 to 6 cents lower to begin your Tuesday. Silver and Gold futures are lower this morning, with CME bumping up margin requirements. Diesel/Heating oil futures are higher, but not enough to make soy oil work at current prices. At the close on Monday, front month wheat futures were down double digits. CBT SRW futures closed 8 3/4 to 12 cents lower, KC HRW prices were 9 1/2 to 13 cents weaker, and spring wheat prices ended the day down by 7 3/4 to 10 1/2 cents. USDA’s weekly Export Inspections report had 396,873 MT of wheat exports on the week ending 1/28. That was 9% below the same week last year. China sold 2.187 MMT of wheat from state reserves last week. That was 54% of the reported offer, for an average selling price of 2,373 yuan /MT (~$9.99/bu). That was down 32 cents per bushel from the previous week. Russian officials disclosed discussions regarding a possible shift to a formula based export tax beginning July 1. Egypt’s GASC is tendering for wheat, with results expected later today.  

--- provided by Brugler Marketing & Management