Wednesday wheat trading starts with prices 6 to 7 cents higher from the overnight action. There are nagging issues with 2021 wheat production around the world, but world stocks are also quite high and keeping a lid on rallies. Yesterday, wheat futures closed lower with KC the weakest. HRW futures fell back by 6 1/4 to 6 3/4 cents on Turnaround Tuesday. CBT wheat futures came back from midday lows, but still closed fractionally lower. MGE wheat was 2 1/2 to 5 cents lower on the day. The national cash wheat price from cmdtyView has SRW at $5.19/bu for 9/29. That is 0.58% weaker than yesterday, maintaining basis. The average pre-report estimate for Sept 1 US wheat stocks is 2.24 bbu. Hard red winter wheat production is estimated at 693 mbu, SRW @ 276 and white with 226 mbu. The average of trader estimates has 578 mbu of spring wheat production, and 62 mbu for durum. Winter wheat production is expected to be lowered by 2 mbu to 1.196 billion.

--- provided by Brugler Marketing & Management