Wheat Showing Mixed Midday Trade, Following Friendlier USDA Report
The wheat market is trading with mixed action across the three exchanges so far on Tuesday, as USDA presented the bulls with friendlier data today. Chicago SRW futures are up 1 to 2 cents so far in the front months. KC HRW futures are facing some pressure, 2 to 3 cents in the red on the day. MPLS spring wheat is 1 to 3 cents lower so far in the nearbys on the session.
USDA’s WASDE data from this morning showed a cut of 4 mbu to the US carryout projection at 794 mbu. That was due to a 4 mbu increase to the food use category. On the world side, the WAOB trimmed the world stocks total by 1.26 MMT to 257.56 MMT.
The state Crop Progress report from Texas on Monday afternoon, showed 36% of the crop in gd/ex condition, a 1 percentage point drop from last week. The Brugler500 index rating was at 309, down 2 points on the week.
The French farm ministry raised their acreage estimate for their 2025/26 wheat crop by 1.3% to 4.57 million hectares (11.3 million acres), which is up 10% from last year’s acreage.
Mar 25 CBOT Wheat is at $5.80 3/4, up 1 1/4 cents,
May 25 CBOT Wheat is at $5.93 1/2, up 1 cent,
Mar 25 KCBT Wheat is at $5.94, down 2 3/4 cents,
May 25 KCBT Wheat is at $6.04 1/4, down 2 3/4 cents,
Mar 25 MGEX Wheat is at $6.22 3/4, down 2 1/2 cents,
May 25 MGEX Wheat is at $6.34 3/4, down 1 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.