The wheat complex is posting lower trade across the three exchanges at midday following USDA’s increase to the world stocks projection. Chicago SRW futures are down 8 to 9 cents at midday. KC HRW contracts are trading with 9 to 10 cent losses so far on the session. MPLS spring wheat is down 8 to 9 cents.

For the US balance sheet in this morning’s WASDE, USDA revised the old crop stocks 6 mbu lower due to the Grains Stocks report last week, while reducing the production total by 11 mbu to 1.971 bbu, via the Small Grains Summary. Mix in a 10 mbu increase to feed and residual and 10 mbu more imports, and stocks were revised lower by 16 mbu to 812 mbu.

For the World numbers, USDA did show a 1 MMT cut to EU and Russian production, with Ukraine up 0.6 MMT. However, a larger carryover, with 2.36 MMT lower use and smaller exports, helped to raise the world carryout for 2024/25 by 0.5 MMT to 257.72 MMT.

The French soft winter wheat crop is now 6% planted according to FranceAgriMer. SovEcon trimmed their Russian wheat estimate by another 1.4 MMT from their previous projection to 81.5 MMT.

Dec 24 CBOT Wheat  is at $5.95, down 8 3/4 cents,

Mar 25 CBOT Wheat  is at $6.17 3/4, down 8 3/4 cents,

Dec 24 KCBT Wheat  is at $6.01 3/4, down 9 1/4 cents,

Mar 25 KCBT Wheat  is at $6.18 3/4, down 9 cents,

Dec 24 MGEX Wheat  is at $6.40 3/4, down 9 1/2 cents,

Mar 25 MGEX Wheat  is at $6.62 1/2, down 8 1/2 cents,