Wheat futures are 1 to 2 cents lower this morning in the Chicago and KC contracts. The MPLS spring wheat contracts are steady to a penny higher. Wheat ended Tuesday with most contracts steady to 5 3/4 cents lower. USDA raised their US ending stocks estimate to 1.087 bbu, up 32 mbu from March. Feed and residual usage was trimmed 10 mbu, with exports down another 20 mbu to 945 mbu. USDA raised their cash average price range by a nickel to $5.15-5.25, showing a mid-point of $5.20. World stocks were up a sharp 5.08 MMT to 275.61 MMT on a combination of higher 2017/18 carryover, increases to US and Argentine stocks and some larger production numbers.
--Provided by Brugler Marketing & Management