Wheat Markets Still Falling

Wheat markets are in the red again at midday. SRW wheat futures are down 3 3/4 to 5 1/4 cents. KC wheat is falling back 1 1/4 to 3 1/2 cents. Spring wheat futures are firm to 2 1/2 cents lower so far. The new crop production estimate for wheat is 1.838 bbu, up 14 mbu from July. The average trade estimate was for an 8.7 mbu bump. Hard red spring wheat was increased 28 mbu to 530 mbu. USDA expects 975 mbu of wheat will be exported this MY, increasing the U.S. market share 0.29 ppts to 14.12% of the global export supply yr/yr. Globally, wheat production was cut by 3.28 MMT to 766.03. Gains to Russian and Ukrainian production were offset by cuts to EU and Argentina.

Sep 20 CBOT Wheat is at $4.90 1/2, down 4 1/2 cents,

Sep 20 KCBT Wheat is at $4.15 1/2, down 1 1/4 cents,

Sep 20 MGEX Wheat is at $4.92 3/4, unch,

--- provided by Brugler Marketing & Management

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