The wheat complex is trading with losses across the three exchanges. Chicago SRW futures are down 11 to 15 cents in the nearbys. KC HRW futures are 13 to 15 cents in the red so far. MPLS spring wheat is 11 to 16 cent slower. Crude oil is down another $9.69 as more risk premium comes off the table following President Trump signaling the ongoing conflict may be nearing an end late on Monday.
USDA WASDE data from this morning showed no changes to the US balance sheet, as US stocks were left at 931 mbu. The US cash average price was raise by a nickel to $4.95. World ending stocks saw a 0.55 MMT cut to 276.96 MMT, as Argentina stocks were down 1 MMT on a higher export number. Russian exports were trimmed by 0.5 MMT, as well as a 1 MMT cut to EU exports (shifted to 1 MMT increase in feed).
