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The USDA’s monthly WASDE report, published on [insert date], revealed no changes to the U.S. wheat balance sheet, keeping stocks at 901 million bushels. Kansas winter wheat ratings improved by 4% to 70% good/excellent, while the Brugler500 index increased by 9 points to 375.
Global wheat stocks were raised by 3.44 million metric tons (MMT) to 274.87 MMT, primarily due to production increases in Canada (+3 MMT), Australia (+1 MMT), Argentina (+2 MMT), the EU (+1.7 MMT), and Russia (+1 MMT). EU soft wheat exports from July 1 to December 7 are estimated at 10.16 MMT, lagging by 0.3 MMT compared to the same period last year.
As of December 25, Chicago Board of Trade (CBOT) wheat futures were recorded at $5.36, with Kansas City and Minneapolis wheat prices at $5.21 and $5.81 1/2 respectively.
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