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The Hightower Report said, “Wheat is starting modestly higher this morning but was under heavy pressure again yesterday after the stocks report leaned bearish on wheat production. Quarterly stocks did come in slightly below the guesses but higher production and a 0.3 bpa increase in yields pushed most of the wheat classes production estimates higher than expected.” Sean O’Toole at CHS Hedging said, “Rain is simultaneously delaying U.S. winter-wheat planting and replenishing HRW soil moisture. Planting was seven percentage points behind normal as of Sunday; once fields dry, the moisture should improve establishment prospects.”
