The wheat complex is showing a modest correction on Wednesday following the Tuesday limit gains. Chicago SRW is down 1 to 2 cents at midday. KC HRW futures are 2 to 4 cents in the red so far. MPLS spring wheat is slipping back with fractional losses in the front months.
The USDA Crop Production report from Tuesday showed winter wheat production at 1.048 bbu, which was well below estimates of 1.211 bbu, with all wheat production was 1.561 bbu. That tightened the expected new crop carryout total to 762 mbu, compared to estimates of 845 mbu.
