July wheat opened 4 1/2 cents higher this morning at 780 and established an early range of 771 3/4 to 790. Wheat opened higher and rallied in early trade. Traders indicate that strength was on follow through from higher prices overnight as well as on activity by spreaders who were buyers of wheat and sellers in corn and soybeans this morning. Lighter than expected rains fell in the major Australian wheat growing province of New South Wales over the weekend. This area produces about 30% of that country's wheat crop and nearly half of the state is experiencing drought or near drought conditions. Other areas generally have adequate to ample soil moisture. Reports from Argentina also indicate that wheat sowings are down there due to the on-going conflict between farmers and the Argentine government over export taxes and the closure of the wheat export registry. This is causing a storage problem because wheat, corn and soybeans that would normally have already moved into export channels remain unsold. This week's export inspections for wheat were 12.003 million bushels. Weekly inspections of 42.592 million bushels are needed to reach the USDA's projection for the current marketing year. Total sales to date stand at 92.4% of the projected total compared to a 5-year average of 92.8%.