Wheat Getting Spillover Support, as USDA Raises Stocks

The wheat complex is showing gains across the three exchanges on Tuesday, getting help from a stronger corn and bean market. Chicago SRW futures are showing gains of 6 to 7 cents on Tuesday. KC HRW futures are 4 to 5 cents in the green at midday. MPLS spring wheat is showing contracts 4 to 6 cents higher in the front months so far.

USDA’s monthly WASDE report was released today, with the US wheat ending stocks number raised by 3 mbu to 743 mbu, solely due to a 3 mbu cut to food use. World carryout was raised by 4.78 MMT to 280.82 MMT. World production was up 5.12 MMT, with Argentina (+1.5), Australia (+1.5), Ukraine (+0.5), and Kazakhstan (+0.8) all got a hike.

NASS Crop Progress data showed 89% of the US winter wheat crop planted as of 11/8, 1% shy of the 5-year average. Emergence was at 76%, 2% head of the normal pace. Condition ratings were improved by 5% to 49% good/excellent, with a Brugler500 index score at 337, up 10 points on the week.

Dec 26 CBOT Wheat  is at $5.94 1/4, up 6 1/4 cents,

Mar 27 CBOT Wheat  is at $6.07, up 6 1/2 cents,

Dec 26 KCBT Wheat  is at $6.37 1/4, up 4 3/4 cents,

Mar 27 KCBT Wheat  is at $6.43 1/4, up 4 cents,

Dec 26 MIAX Wheat  is at $6.28, up 5 3/4 cents,

Mar 27 MIAX Wheat  is at $6.41 1/4, up 4 3/4 cents,