Wheat Fails to See Strength on Bull Friendly USDA Report
Wheat futures declined across major exchanges on Tuesday, despite bullish USDA data. Chicago SRW, KC HRW, and MPLS spring wheat all saw losses. The USDA trimmed U.S. wheat carryout to 794 mbu and global stocks to 257.56 MMT. French wheat acreage increased, while EU exports lagged last year. CBOT March wheat closed at $5.77, down 2.5 cents.
The wheat market posted losses across the three exchanges on Tuesday, failing to see any follow-through buying on bull friendly USDA data. Chicago SRW futures were down 1 to 2 ½ cents on the day despite midday gains. KC HRW futures faced some pressure, as contracts were 4 to 5 in the red on the session. MPLS spring wheat was 5 to 7 cents lower in the nearbys at the close.
USDA’s WASDE report from this morning showed a cut of 4 mbu to the US carryout projection at 794 mbu. That was due to a 4 mbu increase in the food use category. On the world side, the WAOB trimmed the world stocks total by 1.26 MMT to 257.56 MMT.
The French farm ministry raised their acreage estimate for the 2025/26 French wheat crop by 1.3% to 4.57 million hectares (11.3 million acres), an increase of 10% from last year. The European Commission shows the EU exports at 13 MMT from July 1 to February 9. That lags the 20.37 MMT from the same week last year.
Mar 25 CBOT Wheat closed at $5.77, down 2 1/2 cents,
May 25 CBOT Wheat closed at $5.90, down 2 1/2 cents,
Mar 25 KCBT Wheat closed at $5.92 3/4, down 4 cents,
May 25 KCBT Wheat closed at $6.02 3/4, down 4 1/4 cents,
Mar 25 MGEX Wheat closed at $6.18 1/4, down 7 cents,
May 25 MGEX Wheat closed at $6.31 1/4, down 5 cents.
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Source : Nasdaq.com
