Overnight wheat trading has wheat futures UNCH to 2 cents lower. The dollar was weaker overnight, but has been gaining on the Russian ruble. On Monday, Winter wheat closed higher but spring wheat closed in the red. Gains for SRW were limited to 6 1/4 per bushel, and HRW gained 7 1/4 to 7 1/2 cents. Spring wheat closed yesterday fractionally to a penny lower. The average pre-report estimate for Sept 1 US wheat stocks is 2.24 bbu. Traders also expect USDA to show wheat production at 1.836 bbu, down 2 mbu from the August estimate. Of that, 65% is expected to be winter and 31% spring. Winter wheat was reported 35% planted as of 9/27. That is 2 percentage points faster than average and up from 20% LW. Emergence is at 10%, also up 2 from the 5-yr average. USDA’s weekly Export Inspections report showed 563,427 MT of wheat was shipped on the week ending 9/24. MYTD wheat exports were 8% higher yr/yr at 9.221 MMT.

--- provided by Brugler Marketing & Management