The wheat complex closed Thursday, with contracts higher across the three exchanges. CBT soft red wheat futures are 4 to 5 cents in the red at midday. KC HRW futures are down 1 to 2 cents across the front months. There was a single delivery issued overnight against September KC wheat. MPLS spring wheat is mostly lower, down 3 ½ cents in the Dec contract.

USDA’s monthly WASDE saw no changes to the demand side of the balance sheet this month as expected, though the demand did see one. Exports were raised by 25 mbu to 900 mbu, with stocks dropping by that same figure to 844 mbu. The US cash average price was also cut by 20 cents to $5.10. 

The world balance sheet saw a 3.98 MMT increase to stocks at 264.06 MMT. There were several major culprits, as Russia production was up 1.5 MMT, with the EU raised by 1.85 MMT, Canada and Ukraine 1 MMT higher, while Australia saw the biggest increase, up 3.5 MMT.

Sep 25 CBOT Wheat  is at $5.03, up 8 cents,

Dec 25 CBOT Wheat  is at $5.16 3/4, down 4 3/4 cents,

Sep 25 KCBT Wheat  is at $4.87, up 1 1/4 cents,

Dec 25 KCBT Wheat  is at $5.08, down 2 cents,

Sep 25 MGEX Wheat  is at $5.50 1/4, up 2 cents,

Dec 25 MGEX Wheat  is at $5.68, down 3 1/2 cents,