“Prices were mixed ranging from $.02 lower in KC to $.04-$.09 higher in CGO and MGEX. KC was not able to hold the morning rally, likely the result of month end speculative short covering.  Spreads firmed across all 3 classes. Early trade saw fresh contract lows for July-25 CGO and KC futures, the 3^rd consecutive day for both. Perhaps too much rain across key U.S. winter wheat growing areas is fueling quality concerns. Heavy rains were recorded across NC TX and OK the past 24 hours with more on the way. Over the next week we could see some localized flooding across the Southern Plains but we’ll definitely see further easing of drought conditions. Net drying across EC China may pose a late threat to their winter wheat crop.  The USDA is currently projecting record production at just over 140 mmt,” noted Mark Soderberg with ADM Investor Services.