Wheat is down 2 to 3 cents to start the Tuesday session. The wheat complex closed the Monday session mixed across the three markets. CBT soft red wheat futures were fractionally mixed and front months lower. Preliminary open interest was up 3,911 contracts on Monday. KC HRW futures posted 2 ¼ to 3 ¼ cent gains across the board. MPLS spring wheat futures saw losses of 3 ¾ cents in the nearby contracts.
USDA’s Grain Stocks report will be released later this morning, with analysts looking for 2.054 bbu of wheat stocks on hand on September 1 according to Bloomberg’s survey. The range of estimates is 1.975 to 2.22 bbu. The Small Grains Summary is expected to show all wheat production at 1.921 bbu, which would be 6 mbu below the August Crop Production report.
