The market closed 5-9 cents lower on Thursday, as expectations of an abundant new crop and large domestic and global stocks have finally started to catch up with the rally. The final estimate from the Wheat Quality Council KS Wheat Tour showed 48.6 bpa yield and production of 382.4 MB vs actual 2015 yield and production of 37.0 bpa and 321.9 MB. The decline in futures has moved Gulf values back down near global competitiveness and there is some business being put on and chances for more to come on further decline. Extended forecast show above normal precipitation and normal to slightly below average temperatures through the 8-10 day range. Outside markets are quiet this morning, but USD strength has contributed to some of the turnaround in grains and oilseeds. Look for a quiet start to the day, but if the soybeans make another run higher, wheat will get pulled along.
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