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On September 25, the US wheat complex ended mixed, with CBT soft red wheat futures slightly lower while KC HRW futures gained 2 ¼ to 3 ¼ cents. In contrast, MPLS spring wheat futures saw losses of 3 ¾ cents in nearby contracts.
The Monday afternoon Crop Progress report indicated that 34% of the US winter wheat crop is planted, which is 2 points behind the average. Wheat export inspections for the week were recorded at 738,604 MT (27.14 mbu), a decrease of 21.41% from the previous week and 33.85% below the same week last year.
Looking ahead, the USDA’s Grain Stocks report is anticipated to reveal 2.054 billion bushels of wheat stocks as of September 1, with estimates ranging between 1.975 billion to 2.22 billion bushels. Additionally, all wheat production is expected to be 1.921 billion bushels, only 6 million bushels lower than the August report.
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