Wheat Prices Decline Amidst Export Sales Struggles
Market Update: Heavy Rains and Lower Sales Weigh on Wheat Futures
The wheat market faced a downturn across the three major exchanges as trading wrapped up for the day on Thursday. Chicago SRW futures decreased by 1 1/2 to 2 1/2 cents. Meanwhile, KC HRW contracts fell by 4 to 5 cents, and MPLS spring wheat saw steady to 4 cents lower closes. The outlook for heavy rains forecasted in the Southern Plains is contributing to this market pressure.
Recent Weekly Export Sales data for wheat revealed figures in the lower range of expectations, with total sales hitting 374,735 MT during the week of October 31. This figure marks a six-week low and is an 8.92% drop from last year, although it represents a 5.77% increase compared to the same week last year. Mexico stood out as the leading buyer, purchasing 105,800 MT, followed by an unknown buyer acquiring 73,000 MT.
The USDA projects that all wheat acreage for the 2025/26 growing season will reach 46 million acres, which is slightly lower than this year’s 46.1 million.
In international trade news, Japan procured 121,790 MT of wheat from the U.S., Canada, and Australia in its latest weekly tender, including 71,712 MT from the U.S. Meanwhile, Russia’s agricultural ministry estimates that the country’s wheat production for the 2024 crop will reach 83 million metric tons (MMT).
Dec 24 CBOT Wheat closed at $5.71 1/2, down 1 3/4 cents.
Mar 25 CBOT Wheat closed at $5.89, down 2 cents.
Dec 24 KCBT Wheat closed at $5.69, down 5 cents.
Mar 25 KCBT Wheat closed at $5.81 1/2, down 4 1/4 cents.
Dec 24 MGEX Wheat closed at $6.02 1/2, down 3 cents.
Mar 25 MGEX Wheat closed at $6.23 3/4, down 3 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.
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