The wheat market continues to tell producers that a reduction in planted acres needs to occur this fall, and good soil conditions will setup for a good start for any acres that get seeded. Funds added 6k contracts to the Chi Wheat net short position, as the market keeps grinding down to new lows. Weekly export inspections were reported at 18.8 MB last week, falling in line with the estimate range of 14.7-23.9 MB. HRW shipments totaled 7.6 MB, and Brazil was set to take 4.43 MB coming out of the TX Gulf. The European Commission reduced the 2016 wheat crop by 1.5 MMT to 142.0 MMT this week, in reaction to production and quality issues that occurred ahead of harvest. Overnight trade saw very slight turnaround for wheat, as the market is much oversold and we will see the market try to define a current floor.
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