“Prices ranged from $.06-$.08 lower across the 3 classes today. Spreads also weakened. Sept-25 KC futures rejected trade above its 50-day MA. Better prospects for rain in week 2 of the outlook for wheat areas of Argentina. Much of Europe remains in a hot/dry pattern. Wheat sales at 21.5 mil. bu. were above expectations and a MY high. YTD commitments at 264 mil. bu. are up 4% from YA, vs. the USDA forecast of up 1%. Commitments represent 32% of the USDA forecast, above the historical average of 29%. By class sales were HRS – 8.8 mil., HRW – 6.5 mil., white – 3.3 mil. and SRW – 3 mil. Census exports in May-25 at 80 mil. bu. bring cumulative year sales to 818 mil. vs. the USDA forecast of 825M. This 7M bushel reduction brings 24/25 ending stocks up from 841 to 848M, very close to Monday’s stocks est. of 850M. Only 2M bushels of tweaking needed. Winter and spring wheat acres in drought both increased 4% LW to 24% and 29% respectively.