Wheat futures on the three exchanges continued to decline on Tuesday due to a higher production number reported by the USDA. Preliminary open interest also indicated new selling. USDA Small Grains Summary showed total wheat production at 1.984 bbu, with winter wheat at 1.402 bbu and spring wheat at 497 mbu.

USDA’s Grain Stocks report revealed wheat stocks at 2.12 bbu as of September 1, surpassing expectations. Taiwan issued a tender for 80,550 MT of US wheat. The Buenos Aires Grain Exchange predicts Argentine wheat production for 2025/26 to be 22 MMT.

CBOT Wheat closed lower at $5.08 for Dec 25 and $5.27 for Mar 26. KCBT Wheat also closed down at $4.97 3/4 for Dec 25 and $5.18 3/4 for Mar 26. MGEX Wheat prices closed at $5.63 3/4 for Dec 25 and $5.83 for Mar 26.

Read more at Yahoo Finance: Wheat Losses Extending to Wednesday Morning