The wheat complex is trading with losses across the three exchanges, following a bearish USDA report that saw a stocks hike. Chicago SRW contracts are own 20 to 21 cents so far on Friday. KC HRW futures are trading with losses of 20 to 22 cents at midday. MPLS spring wheat is trading with 13 to 14 cent losses across the front months.
USDA’s monthly WASDE update showed US wheat stocks up 23 mbu to 740 mbu this morning, as output was raised by 3 mbu from the September Small Grains Summary. Exports were cut by 25 mbu, as imports were up 5 and feed/residual up 10 mbu. World stocks were trimmed by 0.25 MMT to 276.04 MMT. A 3 MMT increase to Russian stocks (from a cut to exports) was offset by a 1.8 MMT cut to EU stocks, as well as Argentina down 0.5 MMT and China down 1 MMT.
