As of Tuesday, September 25, wheat futures are trending downward, with KC HRW futures falling by 8 to 9 cents and CBT soft red wheat futures dropping 9 to 10 cents. The USDA’s recent Crop Production report has slightly reduced the US wheat production estimate to 1.927 billion bushels.
The USDA also reported that US winter wheat is 90% harvested, on par with the typical harvest pace of 91%. Meanwhile, the spring wheat harvest is only 16% complete, lagging behind the 22% average. Global carryout for wheat has decreased by 1.44 million metric tons to 260.08 million metric tons.
A South Korean mill has tendered for 50,000 metric tons of US wheat, and SovEcon estimates the Russian wheat crop to be 85.2 million metric tons, marking a 1.9 million metric ton increase from previous estimates.
