The wheat complex fell across the three markets on Tuesday, as USDA found a few more bushels via the production number on Tuesday morning. CBT soft red wheat futures were down 10 to 12 cents. KC HRW futures were 10 to 11 cents in the red at the close. MPLS spring wheat futures were firmer, bur still posted 6 to 7 cent losses.
The USDA Small Grains Summary from this morning showed all wheat production tallied at 1.984 bbu, 63 mbu larger compared to the average trade guess at 1.921 bbu and 57 mbu above the August Crop Production report number. Winter wheat production was pegged at 1.402 bbu, 50 mbu larger than expected, with HRW at 804 mbu, SRW at 353 mbu, and white winter at 244 mbu. Spring wheat production was pegged at 497 mbu, with durum at 86 mbu.
USDA’s Grain Stocks report indicated wheat stocks at 2.12 bbu as of September 1. That was 66 mbu above Bloomberg’s average survey of analysts at 2.054 bbu and 128 mbu larger than the same date in 2024.
The Buenos Aires Grain Exchange estimates the 2025/26 Argentine wheat production a 22 MMT, up 1.5 MMT from the previous estimate. The European Commission estimates the EU wheat exports since July 1 at 4.37 MMT, below the 6.36 MMT from the same time last year.
Dec 25 CBOT Wheat closed at $5.08, down 11 1/2 cents,
Mar 26 CBOT Wheat closed at $5.27, down 10 3/4 cents,
Dec 25 KCBT Wheat closed at $4.97 3/4, down 10 1/2 cents,
Mar 26 KCBT Wheat closed at $5.18 3/4, down 10 1/4 cents,
Dec 25 MGEX Wheat closed at $5.63 3/4, down 6 1/2 cents,
Mar 26 MGEX Wheat closed at $5.83, down 6 1/4 cents,
