Wheat is trading with midday weakness across the three exchanges on Tuesday. Chicago SRW futures are down 2 to 5 cents so far on the day. KC HRW futures are down 4 to 5 cents in the front months. MPLS spring wheat is 5 to 7 cents lower in the nearbys. There were 3 deliveries for KC March wheat overnight, with 11 for March CBT wheat.
The monthly WASDE report from USDA showed a 25 mbu increase to the US ending stocks projection at 819 mbu. That came on a 10 mbu increase to imports and 15 mbu cut to exports. The cash average price was also trimmed back by a nickel.
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On the world side, there was ahistorical revision to Turkey, up 2.2 MMT, with Australia production up 2.1 MMT to 34.1 MMT. Ukraine stocks were also up 0.4 MMT on a revision to last year’ output, with Russian exports trimmed back. Chinese Stocks were down 1.5 MMT on lower imports. All of that mixed with the increase to the US took world stocks 2.52 MMT higher to 260.08 MMT.
Individual state Crop Progress reports from Monday showed KS winter wheat rated 52% gd/ex, with a Brugler500 index at 337, down from 54% and 344 respectively from the week prior. Ratings in TX were down 6% and 13 points on the Brugler500 to 28% gd/ex and 282, respectively.
Coceral estimates the EU (including the UK) wheat production for 2025 at 137.2 MMT, down from 140.4 MMT back in December.
Mar 25 CBOT Wheat is at $5.42 1/2, down 2 3/4 cents,
May 25 CBOT Wheat is at $5.58 1/4, down 4 1/4 cents,
Mar 25 KCBT Wheat is at $5.65 3/4, up 14 1/2 cents,
May 25 KCBT Wheat is at $5.73 1/2, down 5 cents,
Mar 25 MGEX Wheat is at $5.90, up 12 cents,
May 25 MGEX Wheat is at $5.98, down 6 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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