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Wheat futures are giving back some of their recent gains, with Chicago down 8 to 9 cents this morning on profit taking ahead of the Friday USDA reports. On Tuesday, several contracts across all markets closed at their highest close since August 10. Commerzbank states that the expected increases to the Australian wheat production estimate are “null and void,” due to a string of dry weather. Japan is tendering for 119,000 MT for January delivery, with results expected on Thursday. Traders are looking for USDA to cut 2015/16 ending stocks to 828 million bushels on Friday, based on the smaller production in the Small Grains report and confirmed by the September 1 stocks figure.
Dec 15 CBOT Wheat is at $5.16 3/4, down 9 1/2 cents,