Wheat Getting a Slight Bounce on Wednesday Morning
Wheat is trading with slight 1 to 3 cent gains across the three markets early on Wednesday. The wheat complex fell lower on Tuesday, as USDA added some bushels to the winter wheat output. CBT soft red wheat futures led the charge lower, down 9 to 10 cents in the nearbys. Preliminary open interest was up 4,096 contacts. KC HRW futures were down 7 to 8 1/4 cents in the front months. MPLS spring wheat was the firmest, down just fractionally.
USDA trimmed the US wheat production total by just 2 mbu to 1.927 billion bushels in Tuesday morning’s Crop Production report. Winter wheat was raised by 10 mbu to 1.355 bbu, with spring wheat down 20 mbu. For the balance sheet, the food use total was trimmed by 5 mbu, with exports hiked by 25 mbu. New crop carryout as trimmed by 21 mbu to 869 mbu. World carryout for wheat was down 1.44 MMT to 260.08 MMT.
A South Korean importer purchased 50,000 MT of wheat in their tender overnight. The European Commission shows the EU 2025/26 soft wheat exports at 1.43 MMT since July 1 to August 10, which lags the 3.28 MMT in the same period last year.
Sep 25 CBOT Wheat closed at $5.05, down 10 cents, currently up 2 3/4 cents
Dec 25 CBOT Wheat closed at $5.26, down 9 1/2 cents, currently up 2 1/2 cents
Sep 25 KCBT Wheat closed at $5.10 3/4, down 8 1/4 cents, currently up 1 1/2 cents
Dec 25 KCBT Wheat closed at $5.30, down 7 1/2 cents, currently up 1 3/4 cents
Sep 25 MGEX Wheat closed at $5.77 1/4, down 1/2 cent, currently up 1 cent
Dec 25 MGEX Wheat closed at $5.95, down 3/4 cent, currently up 1 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.