September Chicago Wheat traded nearly unchanged midday after falling overnight. The December 2012 and March 2013 contracts are slightly higher. KC and Minneapolis wheat are trading slightly lower. The wheat market found support this morning after a private Russian consultant lowered their Russian wheat production forecast to 40.5-43 million tonnes. This was down from previous estimates of 46.5 million tonnes. Furthermore, the Russian Agriculture Ministry reportedly expects their best estimate for wheat production to be 45 million tonnes. The last USDA estimate was 49 million. Above normal heat and below normal precipitation continues to stress spring wheat areas in Russia, which is adding to the supportive trade. Wheat export inspections for the week ending August 2nd were pegged at 20.90 million bushels vs. 18.60 million bushels last week. Current inspections stand at 14% of the current USDA estimates vs. the 5 year average of 16%. Weekly inspections continue to fall short of the 23.8 million bushels needed each week to meet the USDA estimate.
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