The wheat complex quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board.  Kansas City futures were down 5 ½ to 8 ¼ cents on the day. MPLS spring wheat futures closed with most relevant contracts down 6 to 7 ¾ 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 covers more of the drought-stricken areas in western KS, with results seen later tonight.

Weekly Export Sales data on Thursday 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  closed at $6.86, down 7 1/4 cents,

Dec 24 CBOT Wheat  closed at $7.09 1/2, down 7 3/4 cents,

Sep 24 KCBT Wheat  closed at $6.88 3/4, down 8 1/4 cents,

Dec 24 KCBT Wheat  closed at $7.09 1/2, down 8 1/4 cents,

Sep 24 MGEX Wheat  closed at $7.35 1/4, down 6 1/4 cents,