Wheat Falling After USDA Adds Bushels to the Balance Sheet

USDA raised its U.S. wheat stocks estimate, pressuring futures prices. Chicago SRW futures fell $0.09–$0.11/bu and Kansas City HRW futures also dropped $0.09–$0.11/bu, while Minneapolis spring wheat was down roughly $0.06/bu. The upward revision to stocks points to looser supply and is weighing on near-term wheat price sentiment.

Analysis

USDA raised its U.S. wheat stocks estimate, pressuring futures prices. Chicago SRW futures fell $0.09–$0.11/bu and Kansas City HRW futures also dropped $0.09–$0.11/bu, while Minneapolis spring wheat was down roughly $0.06/bu. The upward revision to stocks points to looser supply and is weighing on near-term wheat price sentiment.