Wheat Prices Dip as Market Adjusts Amid Key Export Data Awaited
Market Overview
On Thursday, sellers in the wheat market pushed prices towards August lows. Chicago SRW futures fell between 8 1/4 to 10 3/4 cents. In Kansas City, HRW contracts closed down 7 ¾ to 9 ¼ cents. Similarly, MPLS spring wheat experienced losses ranging from 4 ½ to 9 ¼ cents for the session.
Upcoming Reports May Impact Market
The USDA is set to release its weekly Export Sales report on Friday morning. Analysts are predicting wheat sales for the 2024/25 marketing year to range between 250,000 to 550,000 MT. Additionally, sales for the 2025/26 marketing year are expected to be between 0 to 50,000 MT.
International Demand and Crop Estimates
In international markets, Japan has purchased 114,403 MT of wheat, primarily from Australia, Canada, and the U.S. Of this total, 58,046 MT was sourced from the U.S. Meanwhile, Strategie Grains projects a 5% increase in EU wheat acreage for the upcoming growing season. However, they note that challenging planting conditions could keep production near last year’s total of 114.4 MMT. In a separate report, SovEcon estimated last year’s Russian wheat crop at 51.4 MMT, reflecting a slight decrease of 0.1 MMT from earlier figures. For the 2025 crop, they raised their expected output by 1.5 MMT to 81.6 MMT.
Closing Prices for Wheat Futures
Dec 24 CBOT Wheat closed at $5.30 1/4, down 10 3/4 cents.
Mar 25 CBOT Wheat closed at $5.48 1/4, down 8 1/4 cents.
Dec 24 KCBT Wheat closed at $5.33, down 7 3/4 cents.
Mar 25 KCBT Wheat closed at $5.46 3/4, down 8 cents.
Dec 24 MGEX Wheat closed at $5.66 1/2, down 4 1/2 cents.
Mar 25 MGEX Wheat closed at $5.85 3/4, down 7 1/2 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 those of the author and do not necessarily reflect those of Nasdaq, Inc.
