The wheat complex is experiencing losses across three exchanges, with Chicago SRW futures down 11 to 15 cents and KC HRW futures down 13 to 15 cents as of March 26. MPLS spring wheat futures are also down, by 11 to 16 cents, amid declining crude oil prices, which fell by $9.69 following President Trump’s indication that the ongoing conflict may be nearing resolution.
USDA’s WASDE report released recently showed US wheat stocks remaining unchanged at 931 million bushels, while the cash average price increased to $4.95. World ending stocks decreased by 0.55 million metric tons to 276.96 million metric tons, primarily due to a 1 million metric ton drop in Argentina and reductions in Russian and EU exports.
According to the Kansas Crop Progress report, winter wheat conditions declined 2 percentage points to 56% good/excellent, with the Brugler500 index dropping to 348. Additionally, EU soft wheat exports reached 16.5 million metric tons from July 1 to March 8, an increase of 1.4 million metric tons compared to the same timeframe last year.
