Wheat futures were mixed overnight following Tuesday gains stemming from the WASDE report. CBT SRW prices ended the Tuesday session 1.03% to 1.37% in the black.  KC HRW futures ended the session 1.5% to 1.66% stronger, with Dec at one point just 10 3/4 cents under the life of contract (LOC) high. MGE HRS futures closed 1.4% to 1.6% higher. 

USDA trimmed the wheat supply for the 2021/22 season by a 10 mbu import cut. Carryout was 3 mbu higher at 583 mbu as reduced exports offset the supply difference. The trade was looking for no change going in. USDA raised the average farm price estimate 20 cents per bushel from October, to $6.90. 

Internationally, the USDA trimmed 2021/22 world wheat stocks by 1.38 MMT to 275.8 MMT. That was a larger reduction than the trade was expecting. Global wheat trade was increased to 203.16 MMT, mostly as EU was 1 MMT higher to 36.5 and India was 1 MMT higher to 5. The U.S. market share for global exports tightened to 11.52%. 

Dec 21 CBOT Wheat  closed at $7.78 1/2, up 10 1/2 cents, and up ½ this morning

Cash SRW Wheat  was $7.30 1/9 on Tuesday, up 10 5/8 cents,

Dec 21 KCBT Wheat  closed at $7.93 1/2, up 12 3/4 cents, down 1 ¾ this morning

Cash HRW Wheat  was $7.72 2/9 on Tuesday, up 12 1/8 cents,

Dec 21 MGEX Wheat  closed at $10.23 3/4, up 15 cents, up 4 ¼ this morning