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-Most winter wheat conditions hold steady/decline over last month
-No USDA sales announcements
-Algeria tenders for wheat, but likely for reduced amounts
-South American rain forecast remains sufficient

 Winter wheat-producing states that provide monthly crop condition updates over the winter months did so yesterday afternoon and, not surprisingly, overall conditions continue to struggle. Kansas wheat held mostly steady at 30% good/excellent and 31% poor/very poor vs conditions a month ago of 33% g/e and 25% p/vp but remain below last year’s conditions at this time of 43% g/e and 24% p/vp. Similarly, Oklahoma at 16% g/e and 43% p/vp was little changed from 22% g/e and 44% p/vp a month ago and is well below last year’s 61% g/e and 5% p/vp in late Jan. In their first update of the winter, Texas put the crop at 7% g/e and 71% p/vp vs 20% g/e and 45% p/vp at the end of November and 29% g/e and 41% p/vp a year ago. In other HRW states, NE at 36% g/e and 19% p/vp compared to 39% g/e and 19% p/vp a month ago (34% g/e and 18% p/vp last year), while Colorado at 20% g/e and 40% p/vp compares to 25% g/e and 33% p/vp last month (17% g/e and 36% p/vp last year). SRW conditions in Illinois declined sharply over the last month to 42% g/e and 15% p/vp vs 75% g/e and 10% p/vp a month ago and compares to 65% g/e and 11% p/vp last year. Conditions in Kentucky remain strong, though, at 85% g/e vs 91% g/e last month and 86% g/e last year. Conditions in North Carolina further improve to 74% g/e from 62% last month and 47% last year.
 The EU crop monitoring agency MARS said, in general, EU winter crops remain in good condition with good precip supporting the crops though the winter months.
 The wheat market remains firm on continued concern/focus on the Russian/Ukraine situation.
 Algeria tendered for an unspecified amount of wheat for Feb-March shipment periods. While they typically buy large quantities in their tenders, this one is specifically for shipments into several smaller ports, which could indicate a smaller purchase is likely.
 Iran tendered for 60k tonnes each of corn, soybean meal and barley for Feb-March shipment.
 There were no USDA sales announcements this morning

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