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Wheat futures posted double digit losses in all three markets. The strong dollar threatened to stall already sluggish export sales. Export inspections from the USDA in the report this morning totaled 418,376 MT, up from 327,033 MT last week but trailing the 509,077 MT for the same week in 2014. There are 9 more shipping days remaining in the old crop marketing year. Heavy weekend rains and associated hail and winds were thought to have caused some damage. After the close, USDA reported that condition ratings were slightly better overall for Spring wheat and mostly steady for winter wheat. The crop continues to run ahead of average maturity with 77% headed vs. 67% average. Australia (BOM) confirms that the El Nino weather pattern is still strengthening. Russia has proposed a new export tariff schedule to come into effect in July. It has not been adopted yet.
Jul 15 CBOT Wheat closed at $4.93 1/2, down 21 3/4 cents,
Jul 15 KCBT Wheat closed at $5.24 1/2, down 22 cents,
Jul 15 MGEX Wheat closed at $5.53 1/4, down 15 1/2 cents