Related Keywords: Agriculture Email Print | December wheat was 3 cents lower overnight. The dollar was mixed to lower. Deliveries against the September futures contract were 2,718 with the total for the delivery period now at 20,427. Traders indicate that a solid tender calendar is providing support in the face of adequate supplies and a slight upward revision in the French wheat crop to start the week. Rains in northern and central winter grain growing areas in Russia and in western Ukraine in recent weeks have also taken some of the urgency out of the market according to one analyst despite substantial quality and yield erosion in Germany and fears of food inflation on the part of importing countries in North Africa. Uncertainty regarding Russia’s ban on grain exports has been resolved for now in favor of a continuation of the ban through the end of the 2011 harvest. However, if substantial rains move into eastern Ukraine and southern Russia in time for the winter wheat planting, this could greatly reduce food inflation fears in Russia into 2011. The USDA’s Crop Progress report shows the US spring wheat harvest at 76% complete compared to 69% last week and 56% last year. The 10 year average for this time of year is 80%. This week’s export inspections for wheat were 22.070 million bushels down from last week’s revised total of 27.496 million. Inspections need to average 24.134 million bushels each week to reach the USDA’s current export projection. Dry weather in Western Australia is still causing concern as the crop moves into the heading stage despite welcome rains over the past week or so. Soil moisture levels are adequate to ample in the East where near 60% of Australia’s wheat crop is produced. In yesterday’s action, December wheat trailed below soybeans and corn throughout the day. December wheat moved to its highest level since August 13th early in the overnight session yesterday, before retreating back to near the late August highs into the day session. Traders said that a rally in the dollar helped to keep the pressure on throughout the day with some exporters concerned that strength in the dollar could temporarily diminish the recently improved competitive position of US wheat in North Africa and the Middle East. Traders report that Tunisia bought 120,000 tonnes of durum wheat last week. Egypt is tendering for 55,000 to 60,000 tonnes of wheat this week for shipment during late October. Jordan, Algeria and Japan are also tendering for wheat. Bron:CME