Wheat Futures Rise as Price Slump Spurs Overseas Demand for U.S. Supplies

(Bloomberg) -- Wheat futures rose in Chicago for
the first time in five sessions on improved overseas demand for
U.S. supplies after prices fell from a record high.

Egypt, Japan and buyers in Taiwan this week said they
bought or planned to buy a total of more than 460,000 metric
tons of U.S. wheat. Importers are increasing purchases after
futures fell 5.9 percent from a record $6.50 a bushel on June
29. World inventories are forecast to fall before next year's
harvest to the lowest since 1982.


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Australian Wheat Production May Miss Forecast by 11 Percent, JPMorgan Says

(Bloomberg) -- Wheat production in Australia, the
world's third-largest exporter of the grain, may be 11 percent
less than a government forecast because of dry weather in the
country's west, JPMorgan Chase & Co. said.

The nation may produce 20 million metric tons of wheat this
harvest, the brokerage said in a note dated July 16. That
compares with its previous forecast of 22.8 million tons and a
government estimate of 22.5 million tons.


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Wheat Declines on Speculation Crop Yields in Western Kansas May Double

(Bloomberg) -- Wheat fell in Kansas City on
speculation that yields in western Kansas and eastern Colorado
may as much as double.

Western Kansas was spared from excessive rain that damaged
crops in central and eastern Kansas and most of Oklahoma,
National Weather Service data showed. Yields will climb to 50 to
80 bushels an acre from 39 a year earlier, traders and analysts
said. Kansas growers are expected to get an average of 40.7
bushels an acre, the U.S. Department of Agriculture said on July
11.


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Wheat Futures Rise in Kansas City as U.S. Cuts Crop Estimate After Rains

(Bloomberg) -- Wheat rose in Kansas City as the
U.S. Department of Agriculture cut its estimate for this year's
harvest after excessive rains hurt the winter crop in the
southern Great Plains.

U.S. farmers will harvest 2.138 billion bushels of wheat,
down 1.4 percent from a June estimate, the USDA said today in a
report. The rains damaged the hard-red winter crop in parts of
Texas, Oklahoma and Kansas.


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Wheat Surges on Speculation U.S. Harvest May Be Smaller Than June Estimate

(Bloomberg) -- Wheat rose in Chicago to the highest
price this month on speculation the U.S. harvest will be smaller
than the government forecast in June, after heavy rains damaged
the winter crop.

Ripening hard-red winter wheat in the southern Great Plains
was harmed by rainfall that in some areas was six times normal.
The government tomorrow may forecast a total wheat harvest of
2.145 billion bushels, down 1.1 percent from June, according to
the average estimate of 13 analysts in a Bloomberg survey.


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Wheat Falls as Farmers Speed Up Winter Crop Harvest in Illinois, Indiana

(Bloomberg) -- Wheat futures fell in Chicago as U.S.
farmers sped up the harvest of the soft-red winter crop.

The harvest was 73 percent complete in Illinois on June 24,
more than the five-year average of 53 percent, the U.S.
Department of Agriculture said last week. Indiana farmers had cut
36 percent of their crops, more than the five-year average of 26
percent. The USDA will update the harvest figures at 4 p.m. today
in Washington.


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