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Wheat futures are lower in CHI and KC, but higher in MPLS as the spreads correct. We are seeing new life of contract lows for CBT and KC contracts, with CHI down 3 to 7 cents and KC down 4 to 4 3/4. MPLS is 1 to 2 cents higher. NASS said last night that only about 19% of the US Spring wheat crop was still in the fields vs. the five year average for this date of 38% left. Kansas HRW LDP’s rose to 27 cents per bushel. Jordan bought 50,000 MT of wheat at a tender. Russia is actively considering waiving export duties on wheat. We presume this is to make it more competitive with LDP assisted US sales.
Sep 16 CBOT Wheat is at $3.63 3/4, down 6 3/4 cents,