Seventy percent of U. S. wheat is harvested. World grain production is down 4 million tons.

Bearish news: Wheat prices declined in Europe and Asia. Argentine wheat production is anticipated to reach 10 million tons. That is an increase of 3 million tons over last year.

Bullish news: Germany has quality problems and half of their wheat could be relegated to feed grade. Germany imported food wheat from the United States for the first time in three years.

 Australian production estimates are down a million tons at 22 million. Russia has planted only one-third of the normal winter wheat crop. Russian wheat production is down 26 percent. France may have already sold half of their exportable wheat.

Export inspections were accurately anticipated at 25 million bushels. Weekly export sales were again over a million tons.