Wheat futures closed the day with most winter wheat contracts down 19 to 23 cents, with MPLS down 8 to 12 cents. Pressure came from spillover of corn and soybean selling, and a lack of fresh bullish news ahead of Thursday’s WASDE and Crop Production reports. A sharply higher US dollar also weighed on the market. Analysts are expecting 18/19 US wheat export sales to be in the range of 200,000-500,000 MT in Thursday morning’s Export Sales report. Old crop world ending stocks are estimated at 272.2 MMT, down slightly from the previous report. New crop is seen at 265.05 MMT, which would be down 1.11 MMT from June.

Jul 18 CBOT Wheat closed at $4.69 3/4, down 19 3/4 cents,

Jul 18 KCBT Wheat closed at $4.63, down 20 3/4 cents,

Jul 18 MGEX Wheat closed at $5.19 3/4, down 8 3/4 cents

Market Commentary provided by:

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