US soft and hard wheat futures gave back a few cents overnight but spring wheat found some support from less than expected Canadian yields.
The punters at Paris thought milling wheat was a little overcooked as well and pulled a few dollars out by the close.
The consensus at the moment, if not a little early, is that prices have moved high enough to factor in the current production issues. A brave statement a week out from the next USDA WASDE report.
We may have to wait until next month to see who has the right number for US spring wheat yields though. At the moment they vary from about 2.76t/ha to about 3.16t/ha, the higher being the official USDA estimate at present. Harvest is just cranking up.

The downturn in global wheat production is starting to bring more buyers to the table with both Egypt and Algeria picking up decent sized parcels this week. Japan also picked up 108kt in regular business. The price volatility and the unrealistic numbers some punters are working on as production estimates in places like Australia for instance, will keep these markets volatile as data is ground proofed and I expect, vary greatly in some instances. When you read phrases like “production concern” for eastern Australian wheat I start to wonder if they really do understand the situation in its entirety.