The wheat complex is falling lower across the three exchanges on Thursday, as the USDA was a little more bearish on the wheat side of their data this morning. Chicago SRW futures are back down 3 to 5 cents in the front months at midday. Kansas City HRW contracts are 5 to 8 cents lower so far on the session. MPLS spring wheat is 6 to 8 cents in the red.
USDA released Export Sales data this morning, with 107,280 MT of wheat reported, in the middle of the trade estimates of between net reductions of 100,000 MT to net sales of 400,000 MT for old crop. New crop sales were tallied at 107,728 MT, vs. the estimates of between 0-200,000 MT.
US wheat ending stocks were increased by 27 mbu this morning to 846 mbu. That was well above estimates and came as imports were up 10 mbu, exports trimmed by 15 mbu and seed trimmed by 2 mbu. World ending stocks were raised by 0.62 MMT to 260.70 MMT.
The EU commission raised their EU wheat production estimate by 0.6 MMT to 128.1 MMT.
May 25 CBOT Wheat is at $5.37 1/2, down 4 3/4 cents,
Jul 25 CBOT Wheat is at $5.52 1/2, down 3 1/4 cents,
May 25 KCBT Wheat is at $5.60 3/4, down 7 1/4 cents,
Jul 25 KCBT Wheat is at $5.74 1/2, down 5 3/4 cents,
May 25 MGEX Wheat is at $6.01 1/2, down 7 1/4 cents,
Jul 25 MGEX Wheat is at $6.15, down 6 1/2 cents,
