Wheat futures are trading 6 1/4 to 10 cents higher at the moment, with MPLS the strongest. Rains pushing their way through the Northern Plains are slowing any planting that is left in the area. Analysts are looking for net reductions of 100,000 MT to sales of 100,000 MT for old crop wheat export sales during the week of 5/17. New crop sales are expected to be in the range of 100,000-400,000 MT. That would be an improvement over last week’s total sales of 193,738 MT. Chinese customs data shows imports of wheat in April at 370,000 MT, bringing the YTD total to 1.01 MMT from all origins.

Jul 18 CBOT Wheat is at $5.27 3/4, up 6 1/4 cents,

Jul 18 KCBT Wheat is at $5.48, up 7 1/2 cents,

Jul 18 MGEX Wheat is at $6.43, up 10 cents

Market Commentary provided by:

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