The wheat market could not overcome weakness yesterday from the global stockpiles and pressure coming out of the long weekend. Export inspections totaled 639 TMT last week, which is the highest weekly total in the last five weeks, but was not enough to strengthen trade. HRW led the way with 284 TMT, with Brazil and China slated as the largest destinations. Stats Canada showed a sharp decline in wheat stocks on July 31 at 5.17 MMT, down 28% from LY, but well-above estimates. The KC spot market continues to see bids rise from 11.0 to 12.0 pro cars, with mills showing commitment to focusing on HRW and trying to avoid spreads getting out of whack. Negative economic indicators took the USD lower, as expectations of a rate increase grow slim. Look for grains to follow soybeans higher this morning, as the wheat market returns to sideways trading.
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