Wheat futures are trading 4 to 7 cents lower at the moment. They ended the Tuesday session with most KC and MPLS contracts 8 to 11 1/4 cents lower, while the 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. Old crop ending stocks should be equal to June 1 stocks of 1.1 billion bushels, with analysts expecting 18/19 US stocks at 985 mbu, up 39 mbu from last month. Japan is seeking only 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 tender on Tuesday. Russia’s SovEcon cut their domestic wheat production estimate 2.9 MMT to 69.6 MMT.

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