Wheat: Bearish news:Wheat harvest is 87 percent complete and putting pressure on prices. Traders hold a large number of buy contracts in open interest. Profit taking potential is high.

Bullish news:Canadian wheat quality has declined after the freeze. Approximately two-thirds of Canadian wheat has been affected by cold weather. European feed wheat prices have increased. China imported 90,000 tons of wheat in August. India will not lift the export ban on wheat as most Eurasian nations are increasing strategic reserves.

Russia’s export ban continues. Ukraine is considering an export ban on wheat. Russian wheat supply is down 8 million tons. Russia’s planting progress for winter wheat is only 29 percent of average. U.S. weekly export sales were above expectations at 950,000 tons.