Wheat Selling a Tighter Stocks Number

The wheat complex is ignoring the USDA Grain Stocks report showing tighter stocks with losses across the three exchanges. Chicago SRW is showing losses of 15 to 17 cents at midday. KC HRW futures are falling 10 to 12 cents. MPLS spring wheat is trading with midday losses of 6 cents.

The NASS Small Grains Summary from this morning showed all wheat production at 1.534 bbu, which was up just 3 mbu from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 mbu, with SRW at 294 mbu, and white winter wheat at 259 mbu. Spring wheat was pegged at 449.5 mbu.

NASS released their quarterly Grain Stocks data this morning, with September 1 stocks tallied at 1.846 bbu 1.857 billion bushels. That would was a drop of 288 mbu from a year ago and below estimates. 

SovEcon estimates the 2026/27 Russian wheat export projection at 36.7 MMT< a 4.7 MMT drop from their previous number

Dec 26 CBOT Wheat  is at $6.75 3/4, down 17 cents,

Mar 27 CBOT Wheat  is at $6.91 1/4, down 15 3/4 cents,

Dec 26 KCBT Wheat  is at $7.31 1/2, down 11 1/2 cents,

Mar 27 KCBT Wheat  is at $7.45 1/4, down 10 1/2 cents,

Dec 26 MIAX Wheat  is at $6.93 1/4, down 6 cents,

Mar 27 MIAX Wheat  is at $7.14, down 6 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.