Wheat Futures Steady after USDA Supply and Demand Report

The USDA World Agricultural Supply and Demand Estimates Report (WASD) was released yesterday. The USDA supply and demand report showed ending U.S. wheat stocks of 1.129 billion bushels versus 1.139 billion bushel last month. Global wheat ending stocks were 249.94 million tonnes versus 248.61 million tonnes on the February report. The USDA estimated Argentina's wheat production at 16 million tonnes, up 1 million tonnes from a month ago and Australian production was moved up 2 million tonnes to 35 million tonnes. Wheat futures traded mostly rangebound after the report and are trading steady Friday morning. May Chicago Wheat is trading at 443 1/4, down 3/4 of a cent/bushel. May Kansas City Wheat is trading at 462 , down 1/2 of a cent/bushel.