Wheat futures are trading lower as of Thursday’s midday, with Chicago SRW futures down 3 to 4 cents and KC HRW losing 5 to 6 cents. The USDA’s latest WASDE report maintained the 2024/25 U.S. wheat carryout at 828 million bushels, while global stocks increased by 0.6 million metric tons to 257.22 million metric tons due to higher Canadian carryover.
Export sales for the week ending September 5 totaled 474,875 metric tons, marking a 39.7% increase from the previous year and falling within estimates of 300,000 to 550,000 metric tons. Taiwan was the largest buyer with 105,400 metric tons, followed by the Philippines at 98,900 metric tons, and South Korea at 91,200 metric tons.
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