Wheat is continuing the weaker trend from Tuesday, as contracts are down across the three exchanges. 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. Preliminary open interest rose 10,194 contracts on Tuesday suggesting net new selling. KC HRW futures were 10 to 11 cents in the red at the close. Preliminary OI was up 7,587 contracts on Tuesday. MPLS spring wheat futures were firmer, bur still posted 6 to 7 cent losses.
The USDA Small Grains Summary from Tuesday 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.
Taiwan issued a tender for 80,550 MT of US wheat, with a deadline set for Thursday.
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, currently down 5 3/4 cents
Mar 26 CBOT Wheat closed at $5.27, down 10 3/4 cents, currently down 6 cents
Dec 25 KCBT Wheat closed at $4.97 3/4, down 10 1/2 cents, currently down 7 cents
Mar 26 KCBT Wheat closed at $5.18 3/4, down 10 1/4 cents, currently down 6 1/2 cents
Dec 25 MGEX Wheat closed at $5.63 3/4, down 6 1/2 cents, currently down 1 3/4 cents
Mar 26 MGEX Wheat closed at $5.83, down 6 1/4 cents, currently down 2 1/2 cents
