Wheat Posting Midday Losses
Wheat futures weakened Tuesday midday as KC HRW fell 8–9 cents, CBOT SRW dropped 9–10 cents, and MGEX spring wheat slipped fractionally. USDA cut U.S. wheat output to 1.927 bbu, trimmed food use, raised exports, and lowered carryout to 869 mbu. World stocks fell to 260.08 MMT. Russian output rose; EU exports lag last year.
The wheat complex is showing weakness at Tuesday’s midday. KC HRW futures are down 8 to 9 cents in the front months. CBT soft red wheat futures are 9 to 10 cents lower in the nearbys. MPLS spring wheat is the firmest, down just fractionally at midday.
USDA trimmed the US wheat production total by just 2 mbu to 1.927 billion bushels in this morning’s Crop Production report. 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.
Crop Progress data from USDA showed the US winter wheat 90% harvested, with 91% the normal harvest pace. The spring wheat harvest was 16% complete, behind the 22% average. Conditions were listed at 49% gd/ex, back up 1%, though the Brugler500 index was down 1 at 331 on higher very poor ratings. The Dakotas and MN saw improvement in ratings, with the 3 western states seeing deterioration.
A South Korean mill tendered for 50,000 MT of wheat from the US, with offers due on Wednesday. SovEcon estimates the Russian wheat crop at 85.2 MMT, a 1.9 MMT increase from the previous number on increased acreage. 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 is at $5.05 1/2, down 9 1/2 cents,
Dec 25 CBOT Wheat is at $5.26 1/4, down 9 1/4 cents,
Sep 25 KCBT Wheat is at $5.10 1/4, down 8 3/4 cents,
Dec 25 KCBT Wheat is at $5.28 3/4, down 8 3/4 cents,
Sep 25 MGEX Wheat is at $5.77 1/2, down 1/4 cent,
Dec 25 MGEX Wheat is at $5.95, down 3/4 cent.
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Source : Nasdaq.com
