The wheat complex saw double digit losses across the three exchanges. Chicago SRW futures were 12 to 13 cents lower on Tuesday. KC HRW futures posted 11 cent losses across the nearbys. MPLS spring wheat closed with 11 to 12 cent losses on Tuesday. Crude oil was down $8.38 on the day as the US began escorting vessels through the Strait of Hormuz, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway.
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).
