July wheat was trading 1 cent higher near 7:30 am cst. Outside market forces look mostly negative today with another rally in the US dollar and weakness in equity markets. Ideas that wheat may need to stay closer to corn values to see some feed demand and a good looking start to the spring wheat crop plus Black Sea wheat rains last week helped to spark the aggressive down move into the lows Friday. This week, the market seems to be responding to a drier forecast for the Black Sea region and continued deterioration in the US winter wheat crop. Ideas that the US should be competitive on the world market has also helped to support but the strong dollar is not helping. The weekly Winter Wheat Conditions report showed 52% of the crop was rated good/excellent compared to 54% last week and 34% last year. The 10 year average for this time of year is 45%. Spring Wheat showed 78% rated good/excellent compared to 79% last week. The 10 year average for this time of year is 72%. The weekly Winter Wheat Harvest report showed a whopping 20% of the crop is already harvested compared to 9% last week and 7% last year. The 10 year average for this time of year is 5%. The previous highest percent complete was 7% in 2011. The market stayed strong for much of the session yesterday in a fairly tight range. The turn down in the US dollar helped to provide some underlying support and some stability for US financial markets helped. Some rains in the plains could slow harvest but this does not seem to be much of a factor with the harvest coming in much earlier than normal. Weekly export inspections come in at 21.6 million bushels which was near trade expectations. This was the last week of the marketing year for wheat and cumulative inspections came in at 10.8 million bushels above the USDA estimate for the year. This would suggest that old crop exports and ending stocks may be adjusted in next week's supply/demand update. Talk that the market was oversold after a break of $1.11 in just 8 trading sessions helped to support the market as well. The upside was limited by talk of good weather and favorable conditions in Europe. Egypt data suggests fewer imports for this year. Bulgaria officials see the wheat crop near 3.8-3.9 million tonnes this season from 4.3 million tonnes last year.