The wheat complex traded mixed on Tuesday. Chicago SRW gained fractionally to 4 cents in the front months, while deferred contracts fell 1¼ to 6½ cents. KC HRW futures advanced 1¼ to 3¾ cents at the close, and MPLS spring wheat declined 2½ to 3¾ cents.
This week’s NASS Crop Progress report indicated 27% of winter wheat had been planted as of Sunday, trailing the five-year average by 7 percentage points, with emergence at 8%.
NASS will release quarterly Grain Stocks data on Wednesday, with a Reuters survey of analysts projecting September 1 wheat stocks at 1.857 billion bushels—a decline of 277 million bushels year-over-year if confirmed. Production in the Small Grains Summary is expected to be trimmed by 3 million bushels to 1.528 billion bushels, with HRW steady at 463 million bushels, SRW up 1 million to 288 million, and white wheat down 1 million to 239 million. Spring wheat is forecast down 2 million bushels to 472 million.
A South Korean importer is soliciting bids for 100,000 MT of US wheat, with a Wednesday deadline.
EU wheat exports from July 1 to September 27 totaled 6.81 MMT according to EU Commission data, up 0.02 MMT from a year earlier. EU wheat stocks were estimated up 0.1 MMT to 11.4 MMT, while production remained unchanged at 124.2 MMT.
Dec 26 CBOT Wheat closed at $6.92¾, up 4 cents.
Mar 27 CBOT Wheat closed at $7.07, up 3½ cents.
Dec 26 KCBT Wheat closed at $7.43, down 2¾ cents.
Mar 27 KCBT Wheat closed at $7.55¾, down 2 cents.
Dec 26 MIAX Wheat closed at $6.99¼, down 2½ cents.
Mar 27 MIAX Wheat closed at $7.20, down 2¾ cents.