On Tuesday, the wheat complex experienced mixed trading. Chicago SRW futures increased by 4 cents in the front months, while deferred contracts fell between 1 ¼ to 6 ½ cents. KC HRW futures saw gains ranging from 1 ¼ to 3 ¾ cents, while MPLS spring wheat declined by 2 ½ to 3 ¾ cents.
As of Sunday, 27% of the winter wheat crop was planted, which is 7 percentage points behind the five-year average. The NASS will release quarterly Grain Stocks data on Wednesday, with a Reuters survey estimating September 1 wheat stocks at 1.857 billion bushels, down 277 million bushels compared to last year. A South Korean importer is also tendering for 100,000 metric tons of U.S. wheat, with a deadline on Wednesday.
EU wheat exports from July 1 to September 27 reached 6.81 million metric tons, slightly up from the previous year, while EU wheat stocks increased by 0.1 million metric tons to 11.4 million metric tons.
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