The wheat complex is experiencing significant trading weakness on Friday, with Chicago SRW contracts showing losses of 13 to 18 1/4 cents. Kansas City HRW futures are down 17 to 26 cents, while MPLS spring wheat contracts are facing declines of 13 to 16 cents.
The USDA has maintained its US wheat production estimate at 717 million bushels, pending the Small Grains Summary scheduled for September 30. Globally, stocks have increased by 3.04 million metric tons to 276.29 million metric tons, as Russian and Ukrainian exports were reduced by a combined 4 million metric tons, while Australian output rose by 3 million metric tons and Canadian output increased by 1 million metric tons.
Export sales for the week ending September 3 were 194,233 metric tons, falling short of trade estimates between 250,000 and 500,000 metric tons, representing a 37.64% decrease from the previous year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
