Wheat Markets Surge Amid Cold Weather Concerns

The wheat market is experiencing an uptick today as trading accelerates across the three major exchanges. Cold temperatures across parts of the U.S., coupled with limited snow cover and concerns over potential winter damage in the Black Sea region, are providing critical support to prices.

Price Movements and Market Activity

Chicago SRW futures have risen by 20 to 23 cents for the front contract months. Similarly, KC HRW futures are seeing increases of 20 to 21 cents so far this session. The MPLS spring wheat has gained 16 cents at this point. Additionally, markets will be closed on Monday for President’s Day, with a regular session reopening on Tuesday.

Export Sales Update

Recent export sales data released on Thursday indicates total sales commitments for the year at 19.338 MMT. This figure represents 84% of the USDA’s projection, falling short by 8 percentage points compared to the usual pace for this time of year.

Crop Condition Reports

As of February 10, the French soft wheat crop was rated at 73% in good to excellent condition, a 5 percentage point improvement from last year. In addition, durum wheat conditions improved to 84%, up from 75% in the previous year.

Current Wheat Futures Prices

Mar 25 CBOT Wheat is priced at $6.00 1/4, up 22 1/2 cents.
May 25 CBOT Wheat is at $6.14 1/4, an increase of 22 1/4 cents.
Mar 25 KCBT Wheat is currently at $6.19, rising by 20 3/4 cents.

May 25 KCBT Wheat is priced at $6.30 1/4, up 20 3/4 cents.
Mar 25 MGEX Wheat is trading at $6.32 3/4, gaining 16 cents.
May 25 MGEX Wheat is at $6.47 1/2, also up 16 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
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