The wheat complex closed Thursday, with contracts higher across the three exchanges. CBT soft red wheat futures are 4 to 5 cents in the red at midday. KC HRW futures are down 1 to 2 cents across the front months. There was a single delivery issued overnight against September KC wheat. MPLS spring wheat is mostly lower, down 3 ½ cents in the Dec contract.
USDA’s monthly WASDE saw no changes to the demand side of the balance sheet this month as expected, though the demand did see one. Exports were raised by 25 mbu to 900 mbu, with stocks dropping by that same figure to 844 mbu. The US cash average price was also cut by 20 cents to $5.10.
