Wheat contracts opened lower on Friday across all three exchanges following a rally on Thursday, where Chicago SRW futures gained between 5 ¾ to 12 ½ cents. September CBOT wheat closed at $7.23 1/4, up 12 cents, while December CBOT wheat closed at $7.41 1/4, up 12 ½ cents.
The USDA is expected to maintain US production estimates in its upcoming WASDE report, with traders estimating a slight increase in stocks to 718 million bushels, according to a Bloomberg survey. Global stocks are projected to decrease to 273 million metric tons.
Export sales data, delayed due to a holiday, will be released on Friday, with forecasts ranging between 250,000 to 500,000 metric tons for the week ending September 3.
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