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.
The first day (northern KS) of the Kansas Wheat Quality Tour showed an average of 38.3 bpa yield, the lowest day 1 total for the tour since 2023 and below the 50.5 bpa last year. Day 2 is in the Central and southwest part of the state.
USDA’s Export Sales report will be out on Thursday morning with analysts looking for 2025/26 sales in a range of 50,000-150,000 MT. Sales for new crop are seen in a range of 100,000 MT to 350,00 MT.
French soft wheat exports are estimated to total 7.75 MMT within the EU and 7.25 MMT outside the EU according to France ArgiMer, with combined exports up 0.2 MMT, from the April estimate. Ending stocks are seen down 0.03 at 3.28 MMT.
Jul 26 CBOT Wheat is at $6.77 3/4, down 1 1/4 cents,
Sep 26 CBOT Wheat is at $6.89 3/4, down 1 3/4 cents,
Jul 26 KCBT Wheat is at $7.28 1/2, down 2 3/4 cents,
Sep 26 KCBT Wheat is at $7.38 1/4, down 4 cents,
Jul 26 MIAX Wheat is at $7.23 1/2, down 1/2 cent,
Sep 26 MIAX Wheat is at $7.44 1/4, down 1/2 cent,
