Wheat markets are experiencing losses as of Wednesday morning, with hard red contracts showing weakness. Chicago SRW futures closed at $5.28 3/4, up 1 cent but currently down 3 cents, while May futures are at $5.37 3/4, up 1 1/4 cents and presently down 2 3/4 cents. Kansas City HRW futures and Minneapolis spring wheat also reported mixed results with losses in various near months, dropping by 3 to 4 cents for spring wheat.
As of February 1, EU wheat exports have reached 12.82 million metric tons (MMT), matching the previous year’s totals according to data from the European Commission. The 7-day NOAA forecast predicts slight precipitation across parts of the Plains, with heavier totals expected in central Texas.
