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Wheat futures are 1 to 3 cents lower in the KC and Chicago contracts this morning. MPLS spring wheat took the biggest hit yesterday and is up 6-8 cents on profit taking this morning. Futures posted losses of 14 to 19 cents in most CBT and KC contracts yesterday, with MPLS 25 to 30 3/4 cents lower. Preliminary open interest was down hard in the Chicago September contract but rose 9,184 contracts in the December. The USDA S&D report showed new crop US ending stocks only 5 mbu lower than last month at 933 million bushels. That is compared to expectations of 901. Production of all wheat was down 21 mbu to 1.739 bbu, as winter wheat was up 8 mbu to 1.284 bbu and spring wheat was cut to 401.6 mbu. World ending stocks were increased 4.09 MMT to 264.69 MMT for 17/18, as Russian and Ukrainian production was a combined 8 MMT (293 million bushels) higher than estimated in July!

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