Wheat prices showed positive movement across three exchanges on Tuesday, with Chicago SRW futures up 5 to 7 cents, and KC HRW and MPLS spring wheat both increasing by 5 to 8 cents. Notably, there were no deliveries issued for Chicago wheat overnight, while 5 delivery notices were filed for September KC wheat.
The USDA is expected to keep wheat production data unchanged this month, pending the Small Grains Summary report due at month’s end, although a Bloomberg survey predicts a minor decrease of 6 million bushels in U.S. wheat ending stocks, projected at 822 million bushels. Additionally, the NASS reported that 85% of the spring wheat crop is harvested, slightly above the 83% historical average, while 6% of the winter wheat crop has been planted, in line with the five-year average.
The EU Commission estimates that soft wheat exports from the EU for the marketing year starting July 1 have reached 4.82 million metric tons through September 8, down from 6.25 million metric tons the previous year.
