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Barchart
Barchart
Austin Schroeder

Wheat Posting Midday Losses

USDA United States KC HRW MPLS KCBT

The wheat complex is showing weakness at Tuesday’s midday. KC HRW futures are down 8 to 9 cents in the front months. CBT soft red wheat futures are 9 to 10 cents lower in the nearbys. MPLS spring wheat is the firmest, down just fractionally at midday.

USDA trimmed the US wheat production total by just 2 mbu to 1.927 billion bushels in this morning’s Crop Production report. For the balance sheet, the food use total was trimmed by 5 mbu, with exports hiked by 25 mbu. New crop carryout as trimmed by 21 mbu to 869 mbu. World carryout for wheat was down 1.44 MMT to 260.08 MMT.

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