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Wheat futures are trading 3 to 6 cents higher at midday. Trader talk is that the Buenos Aires Cereal Exchange lowered their estimate for planted wheat acres in Argentina from 1.1 M acres to 1.03M. South Africa lowered their planted wheat acres to 1.2M acres, down 4.3% from the previous year. Private exporters reported to the U.S. Department of Agriculture export sales of another 205,500 metric tons of wheat to Nigeria. Reuters reports that Egypt bought 175,000 MT of Russian wheat at its overnight tender for mid-September delivery. The US was not expected to be competitive due to freight costs.
Sep 14 CBOT Wheat is at $5.26 3/4, up 6 3/4 cents,
Sep 14 KCBT Wheat is at $6.16 1/4, up 4 3/4 cents,