Wheat on the defensive.

A few factors pushed wheat on the defensive today. The coming interest rate increase and Wednesday and higher US dollar index are an issue. We have yet another increase for Russia's crop estimate. We estimate Ukraine grain exports this month to show a return back to "near normal". Additionally, we will also note US export sales are a little behind. We do not expect bears to fully retake this market though. In the coming weeks, not right now, the dryness in the Plains may become a bigger market issue.

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