Wheat
Wheat futures are showing gains of 4 to 5 cents this morning in the HRW and SRW contracts, after closing Thursday sharply lower. KC and CBT flirted with limit losses yesterday. MPLS spring wheat is running 8 to 11 higher in early morning activity. Thursday morning, the USDA reported 475,310 MT of wheat was exported during the week of July 6, 39.3% above the same week last year. In July’s WASDE report, the USDA lowered their export projection 25 mbu to 975 mbu. Total commitments are now 33% of that, matching the average pace. In their weekly MOA tender, Japan purchased 62,900 MT of US wheat, with the other 30,865 MT coming from Australia. The EU wheat crop is estimated at 140.7 MMT by analysts from Strategie Grains, down 0.9MM from their previous report as hot and dry weather persists.



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