Wheat Futures Show Midday Decline Amid Production Data Anticipation

Wheat futures are experiencing midday weakness on Wednesday. Chicago SRW futures have seen a minor decrease in the nearby contracts. Overnight trading revealed 209 deliveries against May CBT wheat, with 196 originating from a Marex customer. Kansas City HRW futures dropped by 7 to 8 cents, while Minneapolis spring wheat futures declined by 4 to 5 cents.

Upcoming Crop Production Report

Wheat production data will be unveiled in the Crop Production report on Monday. The total all-wheat production is projected to reach 1.885 billion bushels. Within that total, winter wheat is estimated at 1.325 billion bushels, comprising HRW at 748 million bushels, SRW at 342 million bushels, and white winter at 234 million bushels.

Weather and Crop Forecasts

This week, rain is moving out of the Southern Plains following recent precipitation in Kansas. The southeastern region is forecasted to experience heavier rainfall totals. Additionally, an Oklahoma crop tour conducted by the Oklahoma Wheat Commission estimates the winter wheat crop production at 35.9 bushels per acre, totaling approximately 101.169 million bushels.

Current Wheat Prices

May 25 CBOT Wheat is at $5.19, reflecting an increase of 4.75 cents.

Jul 25 CBOT Wheat is quoted at $5.35.75, showing a slight decline of 0.25 cents.

May 25 KCBT Wheat stands at $5.24.75, up by 4.75 cents.

Jul 25 KCBT Wheat is currently at $5.30.75, down 7.25 cents.

May 25 MGEX Wheat remains unchanged at $6.16.5.

Jul 25 MGEX Wheat is priced at $6.05.75, reflecting a decrease of 4.75 cents.

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in the securities mentioned in this article. All information and data are for informational purposes only. For additional details, please view the Barchart Disclosure Policy here.

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