Wheat Prices Show Mixed Trends Amid Varying Global Factors

Wheat trading is currently experiencing mixed results, as hard wheats face some downward pressure. Chicago SRW futures have risen fractionally by 4 3/4 cents. Conversely, KC HRW contracts present a mixed picture, with December contracts up ¼ cent while March contracts decline by 1 ¼ cents. Meanwhile, MPLS spring wheat is down 1 ¼ cents in the March contract.

In the latest weekly Export Sales report, wheat sales for the week ending November 21 totaled 366,804 MT. This figure lands in the middle of the expected range of 200,000 to 600,000 MT, marking a nine-week low and a decline of 33.26% from the previous week. Notably, the largest buyer recorded was from unknown destinations at 95,000 MT, and 59,100 MT were sold to Taiwan.

According to FranceAgriMer, France’s soft wheat crop is 93% planted, an increase from 90% the previous week. However, 87% of the crop is rated as good or excellent, down 1% from last week. Additionally, the European Commission has revised the EU’s 2024/25 wheat crop estimate to 112.3 MMT, a decrease of 0.3 MMT from previous estimates.

In another significant development, Russia has announced an export quota on wheat ranging from February 15 to June 30, set at 11 MMT. This figure represents a substantial reduction from the 29 MMT quota for the same period in 2024, which included corn and barley. For context, USDA data indicates that corn and barley accounted for a total of 12.8 MMT in full-year shipments for 2023/24.

Dec 24 CBOT Wheat is currently priced at $5.42 1/2, reflecting an increase of 4 3/4 cents.

Mar 25 CBOT Wheat is at $5.48 3/4, gaining 1/4 cent.

Dec 24 KCBT Wheat stands at $5.26 1/2, also up by 1/4 cent.

Mar 25 KCBT Wheat is currently priced at $5.43 1/4, down 1 1/4 cents.

Dec 24 MGEX Wheat is trading at $5.73 1/2, reflecting an increase of 9 cents.

Mar 25 MGEX Wheat is at $5.90, a decline of 1 1/4 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 the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.