Wheat are trading lower across all three exchanges on Wednesday. Chicago contracts are down a 9 to 11 cents at midday.  Kansas City futures are 9 to 14 cents lower on the day. MPLS spring wheat is 9 to 15 cents in the red. Forecasts for rain in drier parts of Russian growing regions are paring back recent gains. 

Traders are expecting Thursday morning’s Export sales report to show net cancellations of 100,000 MT to sales of 100,000 MT for old crop wheat as we enter the last month of the marketing year. New crop sales are estimated in a range of 200,000-600,000 MT. 

Tuesday afternoon, the Oklahoma Wheat Commission released the numbers from the annual wheat tour, with an average yield estimated at 33.68 bpa and production totaling 89.16 mbu. Last year’s final USDA production total was 68.6 mbu for the state. The Wheat Quality Council HRW wheat tour for top producer Kansas takes place next week. 

Old crop wheat ending stocks for the US are expected to see a 3 mbu reduction to 695 mbu. The initial new crop balance sheet will also be released, with traders estimating a 782 mbu total. 

Egypt issued an import tender for wheat on Tuesday, with Russian exporters offering the cheapest rates and results expected later today.

Jul 24 CBOT Wheat  is at $6.32, down 10 3/4 cents,

Sep 24 CBOT Wheat  is at $6.53 1/4, down 10 1/2 cents,

Jul 24 KCBT Wheat  is at $6.50 1/4, down 13 3/4 cents,

Sep 24 KCBT Wheat  is at $6.63 1/2, down 12 3/4 cents,

Jul 24 MGEX Wheat  is at $7.04 1/2, down 14 1/2 cents,