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Wheat futures are currently mixed with the nearby contracts trading from 2 1/4 cents lower to 4 cents higher. The Dow is down more than 300 points today, due in part to the Chinese factory output falling to 49.7 during the month of August, but was expected by Wall Street. The ISM manufacturing index for the United States hit its lowest mark since May 2013. The USDA announced yesterday afternoon that 88% of the national spring wheat crop had been harvested as of Sunday night, which is significantly ahead of the five year average of 62% but about as expected. Minnesota harvest is 95% finished, while Montana is 85% done. Their five year averages at this time are 78% and 49% respectively. Stats Canada is scheduled to release its July 31 Canadian wheat stocks estimates on Thursday morning. Trade estimates for total wheat range from 5.091-7.411 MMT (USDA: 4.76 MMT).
Sep 15 CBOT Wheat is at $4.86 3/4, up 4 cents,
Sep 15 KCBT Wheat is at $4.85 1/2, down 2 1/4 cents,