Ahead of USDA’s Export Sales report, wheat is trading 1 cent lower to 1 cent higher across the three futures markets. Yesterday wheat futures gained the most of the row crops. HRW closed the midweek session up 5.89% to 7.09%. SRW futures were 3.74% to 5.19% higher, led by a 28 1/2 cent gain in Dec. MGE wheat closed the Wednesday session with 12 1/2 to 15 3/4 cent gains. Traders are looking for USDA to show between 200k and 500k MT of wheat bookings in the Export Sales report. The September Grain Stocks report had Sept 1 wheat stocks at 2.159 bbu. That was tighter than the average pre report estimates, and 17.3% tighter than 2019. The Small Grains Report lowered wheat production by 12 mbu from August with a 1.826 bbu crop. Hard red winter wheat production is 659 vs. the trade guess of 693 mbu. SRW is 266 compared to the expected 276 and white was 233 mbu, 7 above the trade average guess. 2020/21 Other Spring wheat production was 586 mbu, 9 million above pre-report expectations. The Russian Ag Ministry raised their wheat production estimate from 75 MMT to 82 MMT citing better than expected yields.

--- provided by Brugler Marketing & Management