The wheat complex is fading the early double digit gains with losses reported at midday. Chicago contracts are down 5 to 6 cents in the front months.  Kansas City futures are down 5 to 7 cents at the midday print. MPLS spring wheat futures are down 4 to 6 cents.

The first day of the HRW Wheat Quality Tour showed an average yield of 49.9 bpa. That is well above the 29.8 from last year and higher than the prior 3-year average of 42.8 bpa. The tour also estimates the NE crop at 48 bpa, with production totaling 40.8 mbu, as CO yield was seen at 44 bpa and 72 mbu for production. Day 2 of the tour overs more the drought stricken areas in western KS.

Weekly Export Sales data is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT and 600,000 MT. 

Russia’s SovEcon cut their wheat production estimate by another 3.9 MMT to 85.7 MMT.

Sep 24 CBOT Wheat  is at $6.88 1/2, down 4 3/4 cents,

Dec 24 CBOT Wheat  is at $7.12 1/4, down 5 cents,

Sep 24 KCBT Wheat  is at $6.92, down 5 cents,

Dec 24 KCBT Wheat  is at $7.12 1/2, down 5 1/4 cents,

Sep 24 MGEX Wheat  is at $7.35 1/2, down 6 cents,