Wheat continues to move higher on wet conditions, right as we approach harvest, following the rally in the soybean complex and corn market. Weather forecasts show cooling temperatures and lingering rain through the 6-10 day maps, but further extended maps look to be a bit drier. The Russian grain crop saw estimates increased by the Ag Minister and private analyst IKAR to 106 and 107 MMT, respectively, and wheat is expected to make up 60 MMT of that total. The global market is increasingly seeing feed wheat tenders, but the U.S. market has not joined the crowd yet, although, it has to be on the minds of traders. Weekly export sales showed net cancellations for 15/16 of -9.8 TMT, which shouldn’t be a surprise since that is the second to last full marketing week. New crop sales totaled 354 TMT this week, a decline from the previous week and within the estimate range. Look for wheat to work higher this morning, following continued soybean meal strength and wetness concerns.
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