In three of the last four meetings, the CBoT wheat was fixed. Heavy rains will continue this week, and fund companies liquidate their large short positions. Broker in the far East believe that the prices of futures contracts have now found a floor.
Russia has reduced for the time being the Customs last Friday on wheat exports to "Zero" and the Government in Moscow believes that the export quantity to 1 million tons can grow. This afternoon, the overseas entrants expect a new report on the progress of the field work as well as an assessment of the crops. This report by the USDA could determine the further direction of the futures market prices.