Wheat Market Sees Modest Gains After Recent Declines

Chicago Futures Lead the Recovery Amid Improved Export Figures

The wheat markets are experiencing a rebound on this Friday after a week filled with losses. Chicago SRW futures have risen by 9 to 10 cents for nearby contracts. Meanwhile, KC HRW futures are up 7 to 9 cents as midday approaches, and MPLS spring wheat has increased by 8 to 9 cents in the session.

According to the USDA’s weekly Export Sales report, wheat bookings slightly improved, reaching 380,056 metric tons (MT) for the week ending November 7. This figure falls within the estimated range of 250,000 to 550,000 MT and represents a 1.42% increase compared to the previous week.

French Market Influences US Prices as Planting Progresses

Support from the French milling market is also contributing to the upward movement in the U.S. wheat markets. Reports from FranceAgriMer indicate that 78% of the French soft wheat crop has been planted, which is now 5 percentage points behind the typical pace.

Current Futures Prices

As of now, December 2024 CBOT Wheat stands at $5.40, showing an increase of 9 3/4 cents. On the other hand, March 2025 CBOT Wheat is priced at $5.57 1/2, up 9 1/4 cents. December 2024 KCBT Wheat has reached $5.42, with a gain of 9 cents, while March 2025 KCBT Wheat is at $5.54, increasing by 7 1/4 cents.

For MGEX Wheat, the December 2024 contract is at $5.75 1/4, reflecting a rise of 8 3/4 cents. Similarly, March 2025 MGEX Wheat is at $5.94 1/2, up 8 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 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.