Wheat is trading with double digit losses across the three exchanges early on Wednesday. The wheat complex was mixed on Tuesday, with the soft red contracts higher. Chicago SRW futures posted 1 to 3 cent in the red on the day. KC HRW futures saw fractional losses at the close. MPLS spring wheat was down 3 to 4 cents in the front months. Crude oil is down $19.46 so far this morning 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.
Argus estimates the Russian wheat crop at 88.7 MMT, an increase of 1.2 MMT from their previous number. European Commission data shows 18 MMT of EU wheat exports from July 1 to April 5, which is 1.21 MMT above the same time last year.
May 26 CBOT Wheat closed at $5.98, up 2 3/4 cents, currently down 20 1/4 cents
Jul 26 CBOT Wheat closed at $6.08 1/4, up 1 3/4 cents, currently down 20 cents
May 26 KCBT Wheat closed at $6.07 1/2, down 3/4 cent, currently down 18 1/2 cents
Jul 26 KCBT Wheat closed at $6.23, down 3/4 cent, currently down 18 cents
May 26 MIAX Wheat closed at $6.41, down 3 1/2 cents, currently down 14 1/2 cents
Jul 26 MIAX Wheat closed at $6.55 1/4, down 3 1/2 cents, currently down 13 cents
