Wheat futures are showing losses of 4 to 6 cents at midday. Profit taking before tomorrow’s reports and a higher dollar are holding the market down. The USDA Export Sales report indicated that all wheat export sales in the week of August 2 totaled 317,066 MT, in the middle of trade estimates. That was down 17.1% from a week ago and 31.7% lower than the same time in 2017. There was 156,500 MT reported in net reduction for unknown, which were likely switched to a destination. US Wheat ending stocks are expected to be down 18 mbu in Friday’s USDA report to 967 mbu according to pre-report surveys. Private forecaster Strategie Grains cut their EU wheat production estimate by 4.7 MMT to 127.7 MMT.

Sep 18 CBOT Wheat is at $5.64 1/2, down 5 1/2 cents,

Sep 18 KCBT Wheat is at $5.78 3/4, down 5 1/2 cents,

Sep 18 MGEX Wheat is at $6.28 1/4, down 4 1/2 cents

Market Commentary provided by:

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