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Wheat futures closed 3 to 8 cents lower following the release of updated figures for 2014/15 wheat production, which came out simultaneously with the Quarterly Grain Stocks Report. Pre-report trade estimates for September 1 all wheat production were 2.004 to 2.075 billion bushels, and the USDA put the figure in the middle at 2.035 bbu. Winter wheat pre-report estimates averaged 1.404 bbu, but the USDA came in on the low end of the range at 1.378 bbu. HRW production was larger than trade estimates, and SRW production was smaller. The September 1, 2014 wheat stocks in all positions totaled 1.914 bbu, very close to the average trade estimate of 1.910 bbu. The USDA collectively estimates 43% of the 2015 winter wheat crop has been planted, ahead of the 5yr average by about 7 points. Approximately 14% of the crop has emerged, vs. the 5yr avg of 12%.
Dec 14 CBOT Wheat closed at $4.77 3/4, down 3 1/2 cents,
Dec 14 KCBT Wheat closed at $5.58, down 8 1/2 cents,
Dec 14 MGEX Wheat closed at $5.33 1/2, down 5 3/4 cents