Wheat is starting off Friday trade with contracts lower across the three exchanges. The wheat complex rallied across the board on Thursday. Chicago SRW contracts posted gains of 5 ¾ to 12 ½ cents across the board. There was just one delivery issued for September CBT wheat on overnight. Open interest was down 4,789 contracts. KC HRW futures saw higher trade of 10 ¼ to 12 ¾ cents at the close. There were 27 delivery notices against September KC wheat overnight. Open interest was down 2,581 contracts. MPLS spring wheat saw contracts close 12 ½ to 15 ¾ cents in the green.
USDA will likely leave the US production estimates alone in this month’s WASDE, as they wait for the Small Grains Summary on September 30. They will have a chance to update the rest of the balance sheet, with traders looking for few changes, as a Bloomberg survey shows an average guess of 718 mbu, just 1 mbu above August. On the world side, stocks are seen down 0.3 MMT to 273 MMT.
