On Thursday, the wheat complex saw declines following an increase in U.S. ending stocks, with Chicago SRW futures dropping 9 to 11 cents and KC HRW futures down by the same margin. Nationally, wheat ending stocks were raised by 7 million bushels to 938 million bushels, driven by a 5 million bushel increase in imports.
Export sales data revealed 163,950 metric tons of old crop wheat sold in the week of April 2, surpassing trader expectations of 0-150,000 metric tons, and marking a 52.49% increase compared to the same week last year. In contrast, new crop sales reached only 90,656 metric tons, falling short of the estimated 150,000 to 400,000 metric tons.
Global wheat ending stocks also rose by 6.16 million metric tons to 283.12 million metric tons, influenced by increased production in Russia and the EU, while usage was adjusted down mainly in India.
