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On Tuesday, the wheat complex experienced a decline, with CBT soft red wheat futures falling by 10 to 12 cents, KC HRW futures down 10 to 11 cents, and MPLS spring wheat futures decreasing by 6 to 7 cents. This market reaction followed the release of the USDA’s Small Grains Summary, which reported all wheat production at 1.984 billion bushels (bbu), surpassing trade estimates by 63 million bushels.
The USDA indicated that winter wheat production was pegged at 1.402 bbu, exceeding expectations by 50 million bushels, while HRW, SRW, and white winter wheat figures were 804 million, 353 million, and 244 million bushels, respectively. Additionally, the Grain Stocks report showed wheat stocks at 2.12 bbu as of September 1, surpassing Bloomberg’s analysts’ average estimate by 66 million bushels.
Key market closes included Dec 25 CBOT Wheat at $5.08 (down 11.5 cents), Mar 26 CBOT Wheat at $5.27 (down 10.75 cents), and Dec 25 KCBT Wheat at $4.97¾ (down 10.5 cents).
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