The wheat market is falling lower across the three exchanges on Friday after a dull USDA report. Chicago SRW futures are down 4 to 7 cents on the day. KC HRW contracts are 8 to 9 cents lower at midday. MPLS spring wheat is 6 to 8 cents in the red so far on the day.
USDA’s WASDE report from this morning showed minimal changes to the balance sheet. Imports were increased by 5 mbu, with a 2 mbu hike to food used. That helped to take the US stocks number just 3 mbu higher to 815 mbu.
World ending stocks were down just 0.15 MMT to 257.57 MMT. Russian production was down 0.5 to 81.5 MMT, with Argentina down the same to 17.5 MMT and EU 0.4 MMT tighter to 122.6 MMT.
Dec 24 CBOT Wheat is at $5.66 3/4, down 4 3/4 cents,
Mar 25 CBOT Wheat is at $5.82 1/4, down 6 3/4 cents,
Dec 24 KCBT Wheat is at $5.60 1/2, down 8 1/2 cents,
Mar 25 KCBT Wheat is at $5.73, down 8 1/2 cents,
Dec 24 MGEX Wheat is at $5.96, down 6 1/2 cents,
Mar 25 MGEX Wheat is at $6.16 1/2, down 7 1/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
