Wheat futures are mostly 6 to 8 cents higher in the CBT and KC contracts on Thursday. MPLS is up 2 to 4 1/4 cents. Dry conditions during Australian planting are supportive, and there are some concerns about the Russian crop at least not being record large. US old crop export sales during the week of May 10 totaled just 63,057 MT, on the low side of estimates. Reductions of 143,000 MT were shown for unknown destinations, switched mainly to Yemen, Iraq, and Ecuador. Export sales of new crop wheat were tallied at 131,681 MT. Japan purchased 89,937 MT of wheat from Australia, Canada and the US in their weekly MOA tender, with 33,992 MT from the US.

Jul 18 CBOT Wheat is at $5.01 1/2, up 7 1/4 cents,

Jul 18 KCBT Wheat is at $5.22, up 8 cents,

Jul 18 MGEX Wheat is at $6.15 1/2, up 4 1/4 cents

Market Commentary provided by:

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