The wheat complex is trading with mixed action so far on Monday. Chicago SRW wheat is up 2 to down 2 cents so far. KC HRW contracts are 2 to 6 cents lower at midday. MPLS spring wheat is showing slightly positive trade on Monday.

The Grain Stocks report from this morning showed all wheat stocks as of June 1 at 850.5 million bushels, which was above the trade ideas and nearly 10 mbu larger than the June WASDE for the 2024/25 ending stocks total. That was also up 154 mbu from last year. Acreage was tallieda t 45.478 million acres across all wheat, just 40,000 acres above trade ideas and 128,000 larger than in March. Winter wheat acres were up 10,000 acres from the March report at 33.325 million acres, with spring wheat up just 25,000 acres at 10.045 million. Durum saw a 93,000 acre shift higher from March at 2.108 million acres. 

USDA tallied wheat export shipments at 434,538 MT (15.97 mbu) during the week ending on June 26. That was up 70.49% from last week and 29.46% above the same week last year. Of that total, 75,360 MT was headed to Indonesia, with 66,062 MT on its way to Mexico. Marketing year exports have totaled 1.279 MMT (47.02 mbu), which is 7.89% below the same period last year.

Argus cut their Ukraine wheat production estimate by 1.82 MMT from their March number to 21.88 MMT.

Jul 25 CBOT Wheat  is at $5.26 1/2, up 1 3/4 cents,

Sep 25 CBOT Wheat  is at $5.39 3/4, down 1 cent,

Jul 25 KCBT Wheat  is at $5.10, down 6 cents,

Sep 25 KCBT Wheat  is at $5.31, down 2 3/4 cents,

Jul 25 MGEX Wheat is at $6.08 up 1 1/4 cents,

Sep 25 MGEX Wheat  is at $6.29, up 1 cents,