
The wheat complex is falling on Wednesday with weakness spilling over from the crude oil. Chicago SRW futures is down 18 to 19 cents on the day. KC HRW futures are showing 14 to 15 cent losses at midday. MPLS spring wheat is 15 to 17 cents lower. Crude oil is down $18.32 so at midday following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz.
Analysts are looking for USDA to trim the US ending stocks estimate by 8 mbu to 923 mbu in Thursday’s WASDE according to a Bloomberg survey. World stocks are expected to be up 0.4 MMT to 277.4 MMT.