The wheat complex is slipping on Thursday, following an increased stocks number from USDA on Thursday. Chicago SRW futures are 9 to 11 cents in the red on Thursday. KC HRW futures are 9 to 11 cents lower so far on the session. MPLS spring wheat is down 6 to 7 ½ cents in most front months at midday. Crude oil is back up $3.21 so far on Thursday.Â
Export Sales data from this morning tallied 163,950 MT of old crop wheat business in the week of April 2, exceeding the trade ideas of 0-150,000 MT. That was wall above the week prior and 52.49% above the same week last year. New crop business was shy of traders’ estimates of 150,000 MT to 400,000 MT at 90,656 MT.Â
The monthly WASDE update from USDA tallied wheat US ending stocks 7 mbu higher to 938 mbu. That came on a 1 mbu cut to seed use, a 5 mbu increase to imports and 1 mbu assumed for rounding reasons. The cash average price was still up a nickel to $5.
World ending stocks were raised by another 6.16 MMT, to 283.12 MMT. That came from a mix of increased production, with Russia up 0.8 MMT and EU rising 1.11 MMT, and use trimmed by 4.68 MMT, mainly in India.
Expana estimates the EU wheat production for 2026/27 at 128.7 MMT, up from the 128.6 MMT last month.Â
May 26 CBOT Wheat  is at $5.70 1/2, down 9 3/4 cents,
Jul 26 CBOT Wheat  is at $5.80 1/2, down 10 3/4 cents,
May 26 KCBT Wheat  is at $5.85 3/4, down 9 1/2 cents,
Jul 26 KCBT Wheat  is at $6.01 1/2, down 10 1/2 cents,
May 26 MIAX Wheat  is at $6.16 1/2, down 7 1/2 cents,
Jul 26 MIAX Wheat  is at $6.32 1/4, down 6 1/2 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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