Wheat is continuing down the path of least resistance, as losses are being shown across all three exchanges. The wheat market continues to be under pressure, with contracts falling across all three markets. CBT soft red wheat futures were 7 to 8 cents lower at the close. Preliminary open interest showed a drop of 14,438 contracts as 13,329 were exiting September ahead of Friday’s first notice day. KC HRW futures closed with Wednesday losses of 4 to 7 ½ cents. Preliminary open interest was down 1,575 contracts. MPLS spring wheat collapsed late in the day, down 13 to 15 ¼ cents on the session.
Ahead of the Thursday Export Sales report, analysts estimate a total of 400,000 MT to 700,000 MT of wheat sold in the week ending on August 21.
