Reports of new export business getting booked helped get the market off of lows, showing interest for HRW out of the gulf and PNW. Funds took the opportunity to reduce the short position following Chicago wheat hitting decade lows on Tuesday and the talk of production concerns in Europe. The EU wheat crop continues to see harvest delays and quality issues, as the German crop is now the major focus, with estimates of yields falling 10-20% from last year. Weekly U.S. export sales total of 326k MT for 16-17, led by HRW at 296k MT, and 17/18 sales of 44k MT which was the first new crop sale in recent weeks. We should see interior values perk up for fall shipment, with increased demand coming from exporters covering recent sales. Outside markets could rain on the grains parade, with USD up 130 points and Crude Oil down 20 points. Good export sales across the three major markets has prices moving higher, led by soybeans.
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