Wheat is starting off Thursday with modest gains across the front months. The wheat complex was in retreat mode on Wednesday, with contracts lower across the three exchanges. Chicago SRW contracts closed in on the lows at the final bell, down 17 to 19 cents. Open interest was up 2,745 contracts. There were 3 deliveries against September CBT wheat overnight. KC HRW futures fell back 12 to 15 ½ cents across most contracts. OI was up 4,852 contracts, suggesting new selling. MPLS spring wheat was down 2 to 6 cents on the day.
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.
