Wheat is starting out September with contracts mixed, but holding withing a few cents of unchanged. Futures are at least 10 to 15 cents off the overnight highs. The wheat complex is facing some month end pressure to close out August. Chicago SRW contracts posted 3 ¾ to 10 ¼ cent losses, as contracts were 15 to 18 cents off the lows. Open interest suggested modest profit taking, down 938 contracts. There were another 9 deliveries overnight against Sep CBT wheat. KC HRW futures were down 1 ½ to 7 ½ cents in the front months, with deferreds up 1 to 11 cents. Open interest was up 2,470 contracts. There were 60 delivery notices for September KC wheat overnight. MPLS spring wheat was down 2 to 6 1/4 cents at the close.
Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains, which have been limited.
