Wheat Posting Mixed Midday Trade, After USDA Adds to World Production

The wheat complex is mixed as the market chews on a USDA report with little substance, on the US side. Chicago SRW futures are firm to 2 cents lower. KC HRW futures are showing fractional gains in the front months, excluding thin December. MPLS spring wheat is steady to 2 cents higher.

USDA published their monthly WASDE report this morning, showing very few changes to the US balance sheet. Stocks were left unchanged at 901 million bushels, as the World Ag Outlook Board left both the supply and demand numbers alone. There was some adjusting amongst the classes, with HRS stocks up 5 mbu and white wheat down 5 mbu. 

On the world front, stock were raised by 3.44 MMT to 274.87 MMT. That came mainly on another 8.92 MMT increase to production, with Canada (+3), Australia (+1), Argentina (+2), the EU (+1.7) and Russia (+1) all seeing a hike. 

State Crop Progress report showed Kansas winter wheat ratings up 4% to 70% gd/ex, with the Brugler500 index up 9 points to 375.

European Commission data estimates July 1 through December 7 EU soft wheat exports at 10.16 MMT, as 0.3 MMT lag from the same period last year. Coceral estimates the EU and UK wheat crop at 143.9 MMT for 2026, a 3.6 MMT drop from a year ago if realized. Argentina’s economy minister announced early this morning that wheat export taxes are to be reduced by 2 points to 7.5%. 

Dec 25 CBOT Wheat  is at $5.36, down 1 1/2 cents,

Mar 26 CBOT Wheat  is at $5.34 3/4, unch,

Dec 25 KCBT Wheat  is at $5.21, down 2 1/4 cents,

Mar 26 KCBT Wheat  is at $5.27 1/4, up 3/4 cent,

Dec 25 MGEX Wheat  is at $5.81 1/2, unch,

Mar 26 MGEX Wheat  is at $5.73, up 1 3/4 cents,