Wheat futures are trading steady Tuesday morning after Monday's decline. September Chicago Wheat is trading at 533 1/4, up 1/2 of a cent and December Chicago Wheat is trading at 542 3/4, up 1/4 of a cent. September Kansas City Wheat is trading at 527 1/2, up 2 cent and December Kansas City Wheat is trading at 547, up 1 3/4 cents.
On Monday the USDA reported that weekly wheat export inspections were 489,089 tons. Wheat export inspections are just over 9 percent of the USDA forecast versus the five-year average of about 13 percent. Market chatter about Black Sea wheat supplies has led to some selling on rallies. Market talk about U.S. weather and harvest continues.
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