The wheat complex is experiencing early gains across three exchanges as of Wednesday, with Chicago SRW contracts declining by 7 to 11 cents. Kansas City (KC) HRW futures have seen a drop of 8 to 15 1/4 cents, while MPLS spring wheat is down 10 to 12 3/4 cents. Open interest increased by 15,741 contracts, indicating new selling activity. Ukrainian drone strikes on Russia’s Novorossiysk port have halted operations at the country’s largest port.
The USDA’s NASS is set to release updated wheat production data on Wednesday, with analysts predicting a total of 1.525 billion bushels (bbu) for this year, a decrease of 11 million bushels from July estimates. Winter wheat is expected to be down 9 million bushels to 981 million, while spring wheat projections are at 468 million bushels, a decline of 7 million. US ending stocks are anticipated to fall to 715 million bushels, down 7 million from the previous month. In comparison, EU soft wheat exports from July 1 to August 9 totaled 1.01 million metric tons, a decrease from 2.36 million metric tons in the same period last year.
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