USDA’s export sales report for the week ending July 17 is expected to show wheat sales between 250,000 and 500,000 metric tons.

Japan and the US reached a trade agreement announced late Tuesday. Tariffs will be set at 15% starting August 1. This agreement is expected to boost Japan’s rice imports, with Japan purchasing $8 billion worth of agricultural products, though the White House fact sheet did not specifically mention wheat. For reference, agricultural and related exports to Japan have historically ranged between $12 and $16 billion annually.

On the first day of the Spring Wheat Tour, yield estimates for the northern North Dakota region came in at 50 bushels per acre, below last year’s average of 52.5 bushels per acre for the same area. Day two results are expected later today.