Wheat Market Experiences Decline Ahead of Holiday Break

Current Trends in Wheat Prices Across Major Exchanges

The wheat market is facing downward trends at the three major exchanges this Tuesday. Chicago SRW futures have decreased by 5 to 6 cents so far today. Similarly, KC HRW contracts are down by 6 to 7 cents across most contracts. MPLS spring wheat futures have also fallen, with declines of 4 to 5 cents noted today.

Weather Forecast and Its Impact on Wheat Regions

Looking ahead, precipitation is expected to reach the eastern portions of the Plains next week, while the western half is likely to remain dry. In some areas of the SRW regions, forecasts suggest total precipitation of 1 to 2 inches.

Holiday Schedule Affects Market Trading

The markets will close early on Tuesday for Christmas Eve and will remain closed all day on Wednesday for Christmas. Trading will resume with a hard open at 8:30 am CST on Thursday.

Weekly Export Inspections Update

According to the Weekly Export Inspections data, a total of 403,719 MT (14.83 mbu) of wheat were shipped in the week ending December 19. This figure is an increase of 34.18% from the previous week, but down by 14.65% compared to the same week last year. The Philippines was the largest destination, receiving 107,103 MT, followed by Indonesia with 76,255 MT and Mexico with 72,951 MT. Year-to-date shipments have reached a total of 11.943 MMT (344.9 mbu), showing an increase of 27.22% over the same period last year.

International Purchases and Market Prices

In market news, Algeria purchased an unspecified amount of wheat in a tender this Tuesday.

Mar 25 CBOT Wheat: $5.35, down 5 1/2 cents

May 25 CBOT Wheat: $5.45 1/4, down 5 3/4 cents

Mar 25 KCBT Wheat: $5.44 1/2, down 6 1/2 cents

May 25 KCBT Wheat: $5.52 1/2, down 6 1/2 cents

Mar 25 MGEX Wheat: $5.90 1/2, down 5 cents

May 25 MGEX Wheat: $5.99 1/4, down 4 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.