Soft red winter wheat futures at the Chicago Board of Trade were mixed at midsession on Thursday in choppy trade, losing ground to Kansas City wheat on inter-market spreads, traders said.
The moves came after the US Department of Agriculture adjusted its US wheat production estimates by class. USDA cut its crop estimate for hard red winter wheat, the type traded at Kansas City, to 964 million bushels, below the average trade estimate of 995 million.
The government raised its production forecast for soft red winter wheat, which is traded in Chicago, to 364 million bushels, above the consensus trade estimate of 352 million. Firms were also buying corn and selling CBOT wheat on forecasts for hot weather in the US Corn Belt.
As of 11:05 am CDT (1605 GMT), CBOT September wheat was down 1 cent at $6.21 per bushel, with December up 1-1/2 at $6.35-1/2 and deferreds up 1/4 to 4 cents. Spot July, which is in delivery, was down 1 cent at $6.10. At the KCBT, September HRW wheat was up 8 cents at $6.12 per bushel. Deliveries on the CBOT July contract totalled 271 lots and there was strong commercial stopping, with the Term house account taking 257 lots.