The wheat complex is falling on Tuesday as USDA found a few more bushels in the production number this morning. CBT soft red wheat futures are down 11 to 12 ¼ cents at midday. KC HRW futures are slipping 11 to 12 ¼ cents as well. MPLS spring wheat futures are firmer, with slightly fewer bushels discovered, as contracts are 4 to 5 cents lower.
The USDA Small Grains Summary from this morning showed all wheat production tallied at 1.984 bbu, 63 mbu larger compared to the average trade guess at 1.921 bbu and 57 mbu above the August Crop Production report number. Winter wheat production was pegged at 1.402 bbu, 50 mbu larger than expected, with HRW at 804 mbu, SRW at 353 mbu, and white winter at 244 mbu. Spring wheat production was pegged at 497 mbu, with durum at 86 mbu.
