Wheat Market Declines Amid Mixed Weather Forecasts
The wheat market is experiencing continued weakness as midday trading progresses. On Wednesday, Chicago SRW futures are down by 4 to 5 cents. Similarly, Kansas City HRW contracts reflect losses ranging from 1 to 3 cents in the nearby contracts. Meanwhile, MPLS spring wheat is trading with fractional losses up to 2 cents across the front months.
Looking ahead, the forecast for the upcoming week suggests wet conditions across much of the SRW region, primarily from the weekend into early next week. Conversely, notable precipitation for HRW is largely limited to certain areas in central and southern Texas.
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The National Agricultural Statistics Service (NASS) is set to release the March Grain Stocks data this coming Monday. A Bloomberg survey indicates that traders expect an average of 1.221 billion bushels of wheat on hand. Forecasts for the March 1 total range between 1.169 billion to 1.26 billion bushels.
In international trade, Japan is seeking to purchase 119,847 metric tons of wheat in their weekly agriculture ministry tender, which is due on Thursday. Out of this, 59,751 metric tons will be sourced specifically from the United States.
Latest Closing Prices
May 25 CBOT Wheat closed at $5.39, slipping 4 1/4 cents.
Jul 25 CBOT Wheat closed at $5.54 3/4, down 5 cents.
May 25 KCBT Wheat closed at $5.68 1/4, decreasing 1 cent.
Jul 25 KCBT Wheat closed at $5.82 1/2, down 2 1/4 cents.
May 25 MGEX Wheat closed at $5.88 1/4, marking a loss of 1/4 cent.
Jul 25 MGEX Wheat closed at $6.03 3/4, down 1 1/4 cents.
On the date of publication, Austin Schroeder did not hold positions—either directly or indirectly—in any of the securities mentioned in this article. All information and data contained herein are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.
The views and opinions expressed in this article are solely those of the author and do not necessarily represent the views of Nasdaq, Inc.
