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Wheat Weaker at Midday on Increased World StocksThe wheat complex is posting lower trade across the three exchanges at midday following USDA’s increase to the world stocks projection. Chicago SRW futures are down 8 to 9 cents at midday. KC HRW contracts are trading with 9 to 10 cent losses so far on the session. MPLS spring wheat is down 8 to 9 cents. For the US balance sheet in this morning’s WASDE, USDA revised the old crop stocks 6 mbu lower due to the Grains Stocks report last week, while reducing the production total by 11 mbu to 1.971 bbu, via the Small Grains Summary. Mix in a 10 mbu increase to feed and residual and 10 mbu more imports, and stocks were revised lower by 16 mbu to 812 mbu. For the World numbers, USDA did show a 1 MMT cut to EU and Russian production, with Ukraine up 0.6 MMT. However, a larger carryover, with 2.36 MMT lower use and smaller exports, helped to raise the world carryout for 2024/25 by 0.5 MMT to 257.72 MMT. The French soft winter wheat crop is now 6% planted according to FranceAgriMer. SovEcon trimmed their Russian wheat estimate by another 1.4 MMT from their previous projection to 81.5 MMT. Dec 24 CBOT Wheat is at $5.95, down 8 3/4 cents, Mar 25 CBOT Wheat is at $6.17 3/4, down 8 3/4 cents, Dec 24 KCBT Wheat is at $6.01 3/4, down 9 1/4 cents, Mar 25 KCBT Wheat is at $6.18 3/4, down 9 cents, Dec 24 MGEX Wheat is at $6.40 3/4, down 9 1/2 cents, Mar 25 MGEX Wheat is at $6.62 1/2, down 8 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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