Wheat futures saw losses of 3 to 6 cents in most contracts on Thursday. Profit taking before tomorrow’s reports and a higher dollar held 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. Export shipments were shown at 344,899 MT in that week, which was down 10.8% from last week. 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. Japan purchased a total of 150,640 MT in their weekly MOA tender from the US, Australia, and Canada, with 49,180 MT from the US.

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

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

Sep 18 MGEX Wheat closed at $6.29 3/4, down 3 cents

Market Commentary provided by:

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