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Wheat futures closed 4 to 6 cents lower on the day. The front month contract for Chicago wheat posted a 12 cent trading range today. KC and Minneapolis wheat respectively posted 14 and 11 cent ranges on the session. In export news, Turkey was said to be tendering for 165,000 MT of wheat and Algeria is retendering for 50,000 MT of durum. Pakistan was said to have bought 130,000 MT of Black Sea wheat. Russian prices continue to slip due to local harvest pressure; Paris milling wheat futures bounced off of a four year low today. Chicago wheat futures are also near the lowest level in four years for a front month contract.
Sep 14 CBOT Wheat closed at $5.24 1/2, down 5 1/2 cents,
Sep 14 KCBT Wheat closed at $6.21 1/4, down 6 3/4 cents,
Sep 14 MGEX Wheat closed at $6.18 3/4, down 4 1/2 cents