Wheat futures are trading lower on Wednesday due to USDA’s increased world production. Chicago SRW futures down 6 to 8 cents, KC HRW futures down 4 to 6 cents, and MPLS spring wheat down 4 to 5 cents. Deliveries issued against December KC wheat overnight.

Managed money reduced net short positions in CBT wheat by 4,520 contracts to 70,613 contracts. Speculators also cut net short positions in KC wheat by 9,254 contracts to 42,454 contracts. The Commitment of Traders report was delayed.

World stocks were raised by 3.44 MMT to 274.87 MMT in Tuesday’s WASDE report. The increase was mainly due to an 8.92 MMT rise in production, with countries like Canada, Australia, Argentina, the EU, and Russia seeing hikes.

Dec and Mar CBOT Wheat down 6 to 7 1/2 cents, Dec and Mar KCBT Wheat down 1 1/4 to 5 1/2 cents, Dec MGEX Wheat unchanged, Mar MGEX Wheat down 4 cents.

Disclaimer: Austin Schroeder does not have positions related to this article. Information is for informational purposes only. Source: Barchart.com.

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