Wheat Mixed at Midday
The wheat complex is back to mixed trade on Wednesday. CBT soft red wheat futures are leading the bulls, with fractional gains at midday. KC HRW futures are down 2 to 4 1/4 cents in the front months so far on the session. MPLS spring wheat is fractionally to 1 ½ cents higher at midday.
Export Sales data from USDA will be released on Thursday morning, as traders are looking for the export business to continue to come in as the US is competitive on the world market. Analysts are looking for the 2025/26 number to all in between 400,000 and 850,000 MT.
USDA trimmed the US wheat production total by just 2 mbu to 1.927 billion bushels on Tuesday. 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 US wheat in their tender overnight.
Sep 25 CBOT Wheat is at $5.05 1/2, up 1/2 cent,
Dec 25 CBOT Wheat is at $5.26 1/2, up 1/2 cent,
Sep 25 KCBT Wheat is at $5.06 1/2, down 4 1/4 cents,
Dec 25 KCBT Wheat is at $5.27 1/2, down 2 1/2 cents,
Sep 25 MGEX Wheat is at $5.75 3/4, down 1 1/2 cents,
Dec 25 MGEX Wheat is at $5.94 3/4, down 1/4 cent,
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.