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Wheat futures are within a couple cents on either side of steady money at midday, after trading mostly 1 or 2 cents higher this morning. Both the WN16-CN16 and the KWN16-CN16 spreads logged new life of contract lows on Tuesday as wheat tries to work itself into feed rations. Ukrainian wheat production in 2016/17 is expected to be 23 MMT by the local National Weather Center (USDA: 24 MMT; UkrAgroConsult: 21.5 MMT). The Center cites ideal growing conditions. Flour mills in India have agreed to import 500,000 MT of wheat from Australian and French sources for July to September delivery. Japan is seeking 135,049 MT of wheat from the US, Australia, and Canada in a tender that closes Thursday.
Jul 16 CBOT Wheat is at $4.65 1/2, up 1 1/2 cents,
Jul 16 KCBT Wheat is at $4.50 1/4, up 3 3/4 cents,