Wheat futures are currently 14 to 18 cents lower in most front month winter wheat contracts, excluding July which expires on Friday. MPLS is down 9 to 11 cents. Pressure is coming from spillover of corn and soybean selling, and a lack of fresh bullish news ahead of Thursday’s WASDE and Crop Production reports. 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. Old crop world ending stocks are estimated at 272.2 MMT, down slightly from the previous report. New crop is seen at 265.05 MMT, which would be down 1.11 MMT from June.

Sep 18 CBOT Wheat is at $4.77 1/2, down 14 1/2 cents,

Sep 18 KCBT Wheat is at $4.76 3/4, down 18 cents,

Sep 18 MGEX Wheat is at $5.26 3/4, down 10 3/4 cents

Market Commentary provided by:

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