Buying on concerns over the EU crop led the market higher most of the day, but a reversal in Paris wheat took KC and Chicago lower for a while midday. Paris wheat closed €3.25/tonne lower, as the progressing harvest is showing better TW, but it is coming at the expense of lower protein. Weekly export inspections were reported at 550 TMT last week, as HRW was the leading mover for week out of the TX gulf. The HRW harvest progressed to 83% complete, with only stragglers left in the Plains and the rest in MT and the PNW. The market will be watching the HRS harvest results, as good yields and high protein could limit the HRW protein premiums as we get deep into Aug or Sep, if spring wheat protein holds up. Expect to see lower trade in wheat, due to improving quality of the French harvest and with the majority of the U.S. winter wheat harvest complete.
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