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Wheat futures are showing sharp losses at midday, as MPLS is the weakest, down 22 1/4 cents in nearby Sep. Taiwan is seeking 98,850 MT of US wheat, with the tender to close on August 16. Wheat prevented plant acres as of August 1, according to FSA data were down 65.52% from last year at 613,884 acres. Total spring wheat prevent plant acres for the 6 states were 237% larger than in August 2016 at 196,790 acres, but in a drought year the main issue is abandonment. The USDA lowered 17/18 US wheat yield 0.6 bpa to 45.6 bpa. Russia’s IKAR analyst group updated their Russian wheat production number to 77-80 MMT from 74-77MMT, a day after the USDA increased their estimate to 77.5 MMT. In addition, SovEcon increased their estimate 5 MMT to 77.9 MMT.

Sep 17 CBOT Wheat is at $4.36 1/4, down 4 1/4 cents,

Sep 17 KCBT Wheat is at $4.38, down 10 1/4 cents,

Sep 17 MGEX Wheat is at $6.81, down 22 1/4 cents

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