CBOT wheat higher on spillover strength from higher soy futures

Chicago Board of Trade wheat futures ticked higher on Wednesday on spillover strength from soybean futures, though continued bearishness following a U.S. Department of Agriculture report on Tuesday weighed on the market.

• CBOT December soft red winter wheat (WZ25) settled 1-1/4 cents higher to end at $5.09-1/4 per bushel.

• K.C. December hard red winter wheat (KWZ25) ended 2-1/4 cents lower to $4.95-1/2 a bushel and Minneapolis December spring wheat (MWEZ25) fell 5-3/4 cents to finish at $5.57 a bushel.

• Wheat stocks reached a five-year high of 2.120 billion bushels on September 1, up from 1.992 billion bushels a year earlier, according to the U.S. Department of Agriculture's quarterly stocks report. Analysts expected 2.043 billion bushels.

• The USDA raised its estimate for U.S. wheat production to 1.985 billion bushels from 1.927 billion, sending wheat futures ZW1! lower.

• Grain markets may be left without further USDA data in the coming days after a U.S. government shutdown started on Wednesday amid political deadlock over short-term funding measures.