Wheat Falling Lower at Midday

The wheat complex is continuing the weaker streak on Tuesday, with contracts down across the three markets. CBT soft red wheat futures are down 3 to 4 cents across most nearby contracts at midday. KC HRW futures are trading with 3 to 4 cents lower on Tuesday. MPLS spring wheat futures are 1 to 2 cents in the red at midday.
With the government offline, Crop Progress data was not released, as the trade was looking for winter wheat to be near the 50% planted mark as of Sunday.
Analysts are looking for the US wheat ending stock projection to be raised by 31 mbu to 875 mbu in the October WASDE. That will likely be suspended from the previously set Thursday release due to the government shutdown.
European Commission data showed soft wheat exports at 4.96 MMT in the period of 7/1 to 10/5, which lags 1.67 MMT behind the same period last year.
Dec 25 CBOT Wheat is at $5.08 3/4, down 4 cents,
Mar 26 CBOT Wheat is at $5.26 1/4, down 4 cents,
Dec 25 KCBT Wheat is at $4.92 1/4, down 3 1/4 cents,
Mar 26 KCBT Wheat is at $5.13 3/4, down 3 1/4 cents,
Dec 25 MGEX Wheat is at $5.54 1/2, down 2 cents,
Mar 26 MGEX Wheat is at $5.74 3/4, down 1 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.