The wheat complex is showing weakness with a larger than expected US production number reported on Friday. Chicago SRW wheat is trading with 6 to 7 cent losses on Friday. KC HRW contracts are slipping back with midday weakness of 7 to 8 cents. MPLS spring wheat is showing losses of 10 to 11 cents in most contracts on Friday’s midday.
Crop Production data from this morning showed all wheat production hiked by 8 mbu to 1.929 mub, as yield was raised by 1 bpa from last month to 52.6. Winter wheat production was dropped by 37 mbu to 1.345 bbu on a drop to acreage. Spring wheat came in above estimates at 503.6 mbu, with durum at 79.7 mbu.
