Wheat Futures Rise as Taiwan Makes Significant Purchases

The wheat market saw positive movement across major exchanges on Thursday, with gains in both Chicago and Kansas City contracts, as well as Minneapolis spring wheat.

Chicago SRW futures increased by 4 to 4 ½ cents, while KC HRW contracts rose 4 ¼ to 7 1/4 cents. MPLS spring wheat also performed well, climbing 4 ¼ to 8 cents by the close.

Due to the upcoming Monday holiday, the Export Sales report will be released on Friday morning on a delayed schedule. Analysts anticipate wheat sales will range from 250,000 to 550,000 metric tons for the 2024/25 crop year, with an additional expectation of 0 to 50,000 metric tons for the 2025/26 crop year.

In a noteworthy move, Taiwan secured 78,200 metric tons of U.S. wheat in a tender on Thursday. Additionally, the International Grains Council reported that global wheat production remains steady at 798 million metric tons, while consumption has increased by 1 million metric tons, resulting in a carryout reduction of 1 million metric tons to 266 million metric tons.

Dec 24 CBOT Wheat  finished at $5.89 1/2, reflecting an increase of 4 1/2 cents.

Mar 25 CBOT Wheat  closed at $6.09 1/2, up by 4 1/4 cents.

Dec 24 KCBT Wheat  settled at $5.96, gaining 7 1/4 cents.

Mar 25 KCBT Wheat  concluded at $6.10, an increase of 6 1/2 cents.

Dec 24 MGEX Wheat  was priced at $6.28 3/4, up by 8 cents.

Mar 25 MGEX Wheat  closed at $6.50, appreciating by 7 1/4 cents.

On the date of publication, Austin Schroeder did not hold any positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For further details, please view the Barchart Disclosure Policy
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