Wheat is showing marginal gains across all three exchanges on Wednesday morning. The wheat complex was mixed across the three markets on Tuesday. Chicago SRW futures were fractionally lower on the day. Preliminary open interest was down 3,052 contracts. KC HRW futures saw 1 to 3 cent gains on Tuesday. OI was down 3,674 contracts. MPLS spring wheat was 1 to 2 ¼ cents higher on the day.
USDA released updated WASDE data this morning, with the US carryout projection for 2025/26 raised by 5 mbu to 931 mbu. That came via a 5 mbu reduction to the food use category.
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World wheat stocks were tallied at 277.51 MMT, which was down 0.74 MMT from January, and below the average trade estimate. Canadian stocks were trimmed as increased exports offset lower domestic use by 0.5 MMT. Argentina exports were up 2 MMT, which helped to trim stocks by 1.7 MMT. EU exports were trimmed by 1 MMT, as well as a 0.5 MMT increase to imports raised stocks by 1.45 MMT.
EU soft wheat exports from July 1 to February 8 are tallied at 13.43 MMT according to EU Commission data, which is now 0.26 MMT above the same period last year.
Mar 26 CBOT Wheat closed at $5.28 1/4, down 1/2 cent, currently up 2 3/4 cents
May 26 CBOT Wheat closed at $5.38, down 3/4 cent, currently up 1 1/2 cents
Mar 26 KCBT Wheat closed at $5.30 1/2, up 1 3/4 cents, currently up 3 1/4 cents
May 26 KCBT Wheat closed at $5.44, up 2 1/4 cents, currently up 2 3/4 cents
Mar 26 MIAX Wheat closed at $5.68 1/4, down 2 1/4 cents, currently up 3 cents
May 26 MIAX Wheat closed at $5.80 1/2, down 1 3/4 cents, currently up 3 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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