The wheat complex saw double digit losses across the three exchanges. Chicago SRW futures were 12 to 13 cents lower on Tuesday. KC HRW futures posted 11 cent losses across the nearbys. MPLS spring wheat closed with 11 to 12 cent losses on Tuesday. Crude oil was down $8.38 on the day as the US began escorting vessels through the Strait of Hormuz, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway.

USDA WASDE data from this morning showed no changes to the US balance sheet, as US stocks were left at 931 mbu. The US cash average price was raise by a nickel to $4.95. World ending stocks saw a 0.55 MMT cut to 276.96 MMT, as Argentina stocks were down 1 MMT on a higher export number. Russian exports were trimmed by 0.5 MMT, as well as a 1 MMT cut to EU exports (shifted to 1 MMT increase in feed). 

The state Crop Progress report from Kanas showed winter wheat conditions slipping another 2 percentage points to 56% gd/ex, with a Brugler500 index a 348, down 5 points from last week.

EU soft wheat exports were tallied at 16.5 MMT according to the European Commission from July 1 to March 8, up 1.4 MMT from the same period last year. Algeria purchased an estimated 200,000 MT of wheat on Tuesday.

Mar 26 CBOT Wheat  closed at $5.84 3/4, down 13 1/4 cents,

May 26 CBOT Wheat  closed at $5.91, down 12 1/4 cents,

Mar 26 KCBT Wheat  closed at $5.96 3/4, down 11 cents,

May 26 KCBT Wheat  closed at $6.08 3/4, down 11 cents,

Mar 26 MIAX Wheat  closed at $6.22 1/4, down 12 1/4 cents,

May 26 MIAX Wheat  closed at $6.35, down 11 cents,