The wheat complex is ignoring the USDA Grain Stocks report showing tighter stocks with losses across the three exchanges. Chicago SRW is showing losses of 15 to 17 cents at midday. KC HRW futures are falling 10 to 12 cents. MPLS spring wheat is trading with midday losses of 6 cents.
The NASS Small Grains Summary from this morning showed all wheat production at 1.534 bbu, which was up just 3 mbu from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 mbu, with SRW at 294 mbu, and white winter wheat at 259 mbu. Spring wheat was pegged at 449.5 mbu.
