The wheat complex saw pressure on Friday following a bearish USDA report that saw a stocks hike. Chicago SRW contracts were 10 to 12 ½ cents in the red with December slipping 12 cents since last Friday. KC HRW futures were 10 to 17 ¼ cents lower in the front months, as December was 16 cents lower this week. MPLS spring wheat was down 2 ¾ to 10 ¾ cents on Friday with December 2 ¾ cents lower on the week.
USDA’s monthly WASDE update showed US wheat stocks up 23 mbu to 740 mbu this morning, as output was raised by 3 mbu from the September Small Grains Summary. Exports were cut by 25 mbu, as imports were up 5 and feed/residual up 10 mbu. World stocks were trimmed by 0.25 MMT to 276.04 MMT. A 3 MMT increase to Russian stocks (from a cut to exports) was offset by a 1.8 MMT cut to EU stocks, as well as Argentina down 0.5 MMT and China down 1 MMT.
