The wheat complex is posting strength across the three exchanges at midday. Chicago SRW contracts are trading with 7 to 8 cent gains. There were 3 deliveries against September CBT wheat overnight. KC HRW futures are posting 5 to 7 cent higher trade on Thursday. MPLS spring wheat is showing 9 to 11 cents gains.
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.
