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Wheat futures are trading 2 to 4 cents higher at midday, after being 5 to 7 cents higher earlier this morning. US prices continue to be supported by French wheat crop concerns, as reports have arisen stating total production could be under 30 MMT. French farmers raised nearly 41 MMT of wheat in 2015/16. There was 549,894 MT of US wheat inspected for export during the week ending last Thursday. This was up 23% from the previous week, and 21% larger than the same week in 2015. YTD inspections through July 21 are up 29% from the same period last year. The Friday afternoon CFTC report showed that managed money held a net short position of 116,606 contracts in CHI as of Tuesday’s close. It was still growing. Syria purchased 150,000 MT of Russian wheat over the weekend.
Sep 16 CBOT Wheat is at $4.28, up 2 3/4 cents,
Sep 16 KCBT Wheat is at $4.20 1/4, up 1 1/4 cents,