Wheat trading was divided on Tuesday. In Chicago, SWR wheat was slightly down 0.50 US cents for March at 528.25 US cents/bushel. In Kansas City, HRW wheat gained 1.75 US cents to 530.50 US cents/bushel. Spring wheat in Minneapolis traded unevenly, moving between slight ups and downs depending on the date.
The most recent WASDE update from the USDA had a particularly negative impact. The US ending stock for 2025/26 was raised by 5 mbu to 931 mbu after food consumption was cut by 5 mbu. This is a clear bearish signal for market participants, as more goods in storage eases the supply side.
Internationally, however, the USDA set a slightly bullish tone. Global wheat stocks were estimated at 277.51 million tons, 0.74 million tons below the January figure and below average trade expectations. In Canada, higher exports pushed stocks down by 0.5 million tons despite lower domestic use. Argentina increased exports by 2 million tons and reduced inventories by 1.7 million tons. In the EU, exports were cut by 1 million tons, while higher imports caused stocks to increase by 1.45 million tons.
The EU Commission reported soft wheat exports of 13.43 million tons since 1 July, 0.26 million tons more than in the previous year. There was no change on Euronext for March. The month closed at €189.50/t.
