Wheat markets are 1 to 4 cents per bushel lower this morning, with Chicago SRW the weakest. SRW wheat futures were up by 3 to 4 cents at the closing bell on Turnaround Tuesday. The national average wheat cash price (SRW) from cmdtyView was $4.78, which was 4 cents stronger on the day. KC HRW futures recovered 1 to 2 3/4 cents. And MGE wheat closed with gains of as much as 2 cents. The average estimate for 2020/21 wheat production ahead of USDA’s report is for 1.833 bbu. That would be up by 8.7 mbu from July if realized. Trade expects most of the increase to come via a 10.6 mbu bump to spring wheat. Egypt’s GASC purchased 120k MT of Russian wheat for last half September and first half October.
--- provided by Brugler Marketing & Management