Wheat Futures Decline Amid Weather Changes and Crop Updates
The wheat markets continue to experience downward trends this week, with all three segments falling by midday. Chicago SRW futures have decreased by 10 to 11 cents on Wednesday. Kansas City HRW contracts are seeing losses between 5 to 8 cents. Additionally, MPLS spring wheat is trading down by 6 to 7 cents.
Weather Forecast and Crop Progress Updates
Rain is expected in the upcoming week, with forecasts indicating that much of the Southern Plains and the Eastern half of the U.S. could receive between 1 to 2 inches.
Winter Wheat Planting and Condition Ratings
According to the latest Weekly Crop Progress data, 91% of winter wheat was planted as of November 10, with 76% of the crop emerged. These figures are 2 to 3 percentage points higher than usual. Moreover, the condition of the crop has improved by 3%, now rated at 44% good to excellent, while the Brugler500 index has gained 10 points, reaching 326.
Russian Wheat Acreage Projections
In international news, Russia’s Rusagrotrans expects the wheat crop acreage for the 2025/26 season to decrease to its lowest level since 2018/19, anticipating a total of 15.4 million hectares (equivalent to 38.1 million acres).
Current Wheat Futures Prices
Dec 24 CBOT Wheat is trading at $5.41 1/4, down 11 cents.
Mar 25 CBOT Wheat is at $5.56 1/4, down 10 3/4 cents.
Dec 24 KCBT Wheat is currently at $5.40 3/4, down 5 3/4 cents.
Mar 25 KCBT Wheat is recorded at $5.53 1/2, down 7 1/4 cents.
Dec 24 MGEX Wheat is trading at $5.71 3/4, decreasing by 6 cents.
Mar 25 MGEX Wheat stands at $5.93 3/4, down 6 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 are solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
