Wheat Prices Hold Strong Despite Midweek Weakness

On Wednesday, the wheat market faced some late-day declines but managed to maintain gains across all three exchanges. Chicago SRW futures increased between 2 3/4 to 9 cents. Meanwhile, KC HRW contracts saw increases of 1 1/4 to 4 cents across most contracts. MPLS spring wheat also reported solid gains of 2 ½ to 3 ¼ cents during the midweek session.

As traders look ahead to the upcoming weekly Export Sales report from FAS, estimates for 2024/25 sales are projected to fall between 300,000 and 600,000 MT. For the 2025/26 year, sales are anticipated to be between 0 and 75,000 MT.

Furthermore, Russian wheat exports are predicted to reach 45.9 MMT for the 2024/25 marketing year. This figure marks a significant reduction from the previous estimate of 1.7 MMT issued by SovEcon.

Dec 24 CBOT Wheat closed at $5.73 1/4, with an increase of 2 3/4 cents.

Mar 25 CBOT Wheat closed at $5.93 1/2, up by 3 cents.

Dec 24 KCBT Wheat finished at $5.75 3/4, gaining 1 1/2 cents.

Mar 25 KCBT Wheat closed at $5.89 3/4, a rise of 1 1/4 cents.

Dec 24 MGEX Wheat ended at $6.09, up 2 1/2 cents.

Mar 25 MGEX Wheat recorded a closing price of $6.32 3/4, an increase of 2 3/4 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.