The wheat complex is trading with strength across the three exchanges on Tuesday. Chicago SRW futures are 5 to 7 cents higher on the session. KC HRW futures are trading with 5 to 8 cent gains at midday. MPLS spring wheat is up 6 to 7 cents across the front months.
The US met with both Russian and Ukrainian counterparts in Abu Dhabi with peace talks making some progress, including a prisoner swap. The mater seems skeptical following Ukrainian attacks on Russian energy infrastructure and Russian attacks on power infrastructure overnight.
USDA’s monthly WASDE report was released on Tuesday, with the US wheat ending stocks number raised by 3 mbu to 743 mbu, solely due to a 3 mbu cut to food use. World carryout was raised by 4.78 MMT to 280.82 MMT. World production was up 5.12 MMT, with Argentina (+1.5), Australia (+1.5), Ukraine (+0.5), and Kazakhstan (+0.8) all got a hike.
Algeria’s wheat tender was due on Wednesday, with some reports suggesting purchases of at least 700,000 MT.
Dec 26 CBOT Wheat is at $5.97 3/4, up 5 cents,
Mar 27 CBOT Wheat is at $6.12 1/4, up 7 cents,
Dec 26 KCBT Wheat is at $6.39 3/4, up 5 1/2 cents,
Mar 27 KCBT Wheat is at $6.49 1/2, up 7 3/4 cents,
Dec 26 MIAX Wheat is at $6.35 1/4, up 6 1/2 cents,
Mar 27 MIAX Wheat is at $6.48 1/2, up 6 cents,
On the date of publication, Austin Schroeder did not directly have a position 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.