Chicago wheat futures rose 0

Chicago wheat futures rose 0.6% in midday trading, supported by rising cash market bids in Kansas. Analysts warn that if Argentine supply weakens further, CBOT contracts could quickly retest the $6.45 ceiling seen earlier this month. Sovecon estimates the Russian wheat exports at 43.4 MMT, down 0.3 MMT from the previous estimate. This report is the first indication of whether planted acres will go to corn versus soybeans in the Midwest. Elevated freight costs and dry Canadian weather have added tailwinds to Chicago wheat futures. Front-month contracts closed at $6.32, setting up a technical base for possible gains toward $6.