The wheat complex was mixed across the three markets on Tuesday. Chicago SRW futures were fractionally lower on the day. KC HRW futures saw 1 to 3 cent gains on Tuesday. 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.
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,
May 26 CBOT Wheat closed at $5.38, down 3/4 cent,
Mar 26 KCBT Wheat closed at $5.30 1/2, up 1 3/4 cents,
May 26 KCBT Wheat closed at $5.44, up 2 1/4 cents,
Mar 26 MIAX Wheat closed at $5.68 1/4, down 2 1/4 cents,
May 26 MIAX Wheat closed at $5.80 1/2, down 1 3/4 cents,
