December wheat finished 12 3/4 cents lower overnight. The dollar was higher.

Wheat made a minor new low for the move yesterday and then staged a modest sort covering rally. However, prices declined again overnight with new lows posted for the move and the market finishing the overnight session near its lows. Nearby contracts lost to deferred contracts overnight against a backdrop of continued weakness in the soft red wheat basis. Export markets continue to be active with Syria re-issuing a tender for 120,000 tonnes of wheat. This is the first time in 15 years that Syria has tendered to import wheat. Normally they are a small regional exporter. Jordan bought 100,000 tonnes of wheat as expected with the origin said to be Black Sea. Drier weather is expected to continue today and tomorrow in areas remaining to be harvested to soft red wheat. Russia's Agriculture Minister said today that Russia harvested 24.3 million tonnes of grain by July 23rd which is up more than 750,000 tonnes from last year.

Forecasts call for a narrow north-south band of rains running the length of the Plains today with the same expected down the eastern edge of the Plains tomorrow. This may be followed by scattered rains across Nebraska on Friday. Remaining soft red harvest areas are expected to be dry today and tomorrow with rains expected on Friday. Another clear day is expected on Saturday. Algeria is tendering for 50,000 tonnes of wheat. Syria has reissued a tender for 120,000 tonnes of soft wheat, the first major buying tender in 15 years by that country. Jordan bought 100,000 tonnes of wheat, probably from the Black Sea area. Oman is in for 120,000 tonnes at the end of July. Pakistan is tendering for 250,000 tonnes of wheat to boost buffer stocks.