Chicago Close: Wheat Futures Weaken on USDA

Wheat futures ended lower on Wednesday amid a slew of mostly bearish reports from the USDA earlier in the day.

The USDA’s monthly supply-demand update pegged 2021-22 US wheat ending stocks at 628 million bu, above expectations, while global stocks, at 279.95 million tonnes, was also above trade ideas. The winter wheat seedings report showed winter wheat planted area for harvest in 2022 at 34.3 million acres, up 2% from last year and slightly above trade guesses. On the other hand, the grain stocks report showed US wheat stockpiles as of Dec. 1 a bit tighter than expected. March Chicago wheat dipped 12 ½ cents to $7.57 ¾, March Kansas City lost 13 ¾ cents to $7.78 and March Minneapolis was down 7 ¾ cents at $9.20 ½.

Soybeans moved higher in the wake of a bullish world ending stocks estimate. The USDA pegged global soy stockpiles at the end of the 2021-22 marketing year at 95.2 million tonnes, versus expectations closer to 100 million. March soybeans gained 12 ¾ cents to $13.99 ¼ and November was 12 ½ cents higher at $13.12 ½.

Corn was little changed, with today’s reports featuring no major surprises compared to expectations. March corn eased 2 cents to $5.99 but new-crop December was up ¾ of a cent at $5.58 ¼.

Source: DePutter Publishing Ltd.

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