March wheat finished 4 1/4 cents lower overnight. The dollar was higher.

The wheat market saw a lower open yesterday and staged a moderate rally into early mid session. This was followed by sharp erosion through early afternoon with new lows for the day coming just prior to the close. Weakness continued into the overnight session with the March contract taking out the lows for the move in the process. Russian grain exports for July 1 through November 25 were 9.994 million tonnes of all grains according to the Ministry of Agriculture. The vast majority of this - 8.921 million tonnes - was wheat. This is approximately double the total for the same period last year. Statistics Canada will issue its latest production estimates this morning. Traders are expecting an increase due to excellent weather in most growing areas since the latest data were gathered more than two months ago. Deliveries against the December futures contract were heavy again at 3,351 contracts with total deliveries to-date now at 18,060. Argentina exported 728,443 tonnes of wheat in October which is up from just 78,200 tonnes last year.

Some snow is expected in the NE Plains along with very cold temperatures across the north central US. Mostly dry conditions are expected elsewhere in the Plains and the Midwest through the weekend. Morocco is tendering for 300,000 tonnes of soft red wheat. Japan bought 72,000 tonnes of wheat on its latest weekly tender. The UN bought 23,000 tonnes of wheat that is intended for a donation to Pakistan and Afghanistan. Jordan is tendering for 100,000 tonnes of optional origin wheat for delivery in March. Bangladesh is tendering for 100,000 tonnes of wheat with a closing date of December 15th.