The wheat complex is trading with the three markets mixed, Chicago SRW future are trading with slight 1 to 2 cent losses so far on the day.  KC HRW futures are showing penny gains on Tuesday. MPLS spring wheat is trading with slight loses to 1 ¼ cents at midday

USDA released updated WASDE data this morning, with the US carryout projection for 2025/26 raised by 5 mbu to 931 mbu. That came via a 5 mbu reduction to the food use category. 

World wheat stocks were tallied at 277.51 MMT, which was down 0.74 MMT from January, and below the average trade estimate.  Canadian stocks were trimmed as increased exports offset lower domestic use by 0.5 MMT. Argentina exports were up 2 MMT, which helped to trim stocks by 1.7 MMT. EU exports were trimmed by 1 MMT, as well as a 0.5 MMT increase to imports raised stocks by 1.45 MMT.

EU soft wheat exports from July 1 to February 8 are tallied at 13.43 MMT according to EU Commission data, which is now 0.26 MMT above the same period last year.

Mar 26 CBOT Wheat  is at $5.27 1/2, down 1 1/4 cents,

May 26 CBOT Wheat  is at $5.37 1/2, down 1 1/4 cents,

Mar 26 KCBT Wheat  is at $5.29 3/4, up 1 cent,

May 26 KCBT Wheat  is at $5.42 3/4, up 1 cent,

Mar 26 MIAX Wheat  is at $5.69 1/4, down 1 1/4 cents,

May 26 MIAX Wheat  is at $5.80 1/4, down 1 cent,

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