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Wheat futures closed sharply higher again on Monday, up 8 cents in MPLS, 12 in KC, and 18 in CHI. July Chicago wheat reached $5.87, the highest price since January 8.That contract is up 15.85% in the last 10 days.The USDA Crop Progress report states that wheat condition has dipped slightly, with the Brugler500 showing a one point drop to 318.The United States doubled its winter wheat harvested this week, up to 38%.Traders were looking for 35% with 48% being average.Kansas made the biggest dent, currently at 48% compared to 8% on June 21. US export inspections for the week ending June 25 were 316,515 MT. Current year exports are 62.92% of the 2014 exports at this time, reported at 1.165 MMT.Trade estimates for the Tuesday USDA report average 55.867 million acres, which would be up about 500,000 acres from the March report. The average estimate for wheat stocks is 718 mbu, which would be up 21.6% from a year earlier.
Jul 15 CBOT Wheat closed at $5.80 1/2, up 18 1/4 cents,
Jul 15 KCBT Wheat closed at $5.71 1/2, up 12 1/4 cents,