Wheat futures ended the Tuesday session with most KC and MPLS contracts 8 to 11 1/4 cents lower, as CBT was down 15 to 16 cents. The average trade estimate for the July Crop Production report is for all wheat production at 1.86 bbu, 33 mbu larger than June’s projection. Most of that increase is expected from Spring wheat production on the larger acreage number, as all winter is seen as steady. Old crop ending stocks should be equal June 1 stocks of 1.1 billion bushels, with analysts expecting 18/19 US stocks at 985 mbu, up 39 mbu. Japan is seeking 62,865 MT of US and Australian wheat in their weekly MOA tender, with 28,530 MT US specific. Egypt’s GASC purchased 175,000 MT of Russian when in their most recent tender on Tuesday. Russia’s SovEcon updated the country’s wheat production estimate down 2.9 to 69.6 MMT.
Sep 18 CBOT Wheat closed at $4.92, down 16 cents,
Sep 18 KCBT Wheat closed at $4.94 3/4, down 11 1/4 cents,
Sep 18 MGEX Wheat closed at $5.37 1/2, down 10 1/2 cents