Midday Wheat Markets Show Declining Futures Amid Weather Changes

Wheat is trading lower across the three major markets on Wednesday. Chicago SRW futures are down by 6 to 7 cents, while Kansas City HRW contracts have dropped by 7 to 8 cents at midday. Meanwhile, MPLS spring wheat is experiencing a decline of 4 to 6 cents during the session.

Weather Impacting Wheat Markets

The upcoming days forecast substantial precipitation throughout much of the United States. Regions from the Rockies to the Appalachians are expecting at least an inch of rain, with heavier totals projected in eastern Kansas, Oklahoma, and western Missouri.

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Dollar Strength Affecting Prices

The US dollar index has risen by $0.800 to reach 99.485 on Wednesday, following a strong performance on Tuesday, which puts additional pressure on wheat markets.

International Transactions

In overnight trading, South Korean mills have purchased 50,000 metric tons of wheat from the United States.

Current Futures Prices

May 25 CBOT Wheat is priced at $5.28 1/2, down 7 cents.

Jul 25 CBOT Wheat is currently at $5.43 3/4, down 6 1/2 cents.

May 25 KCBT Wheat is at $5.38 3/4, down 7 1/4 cents.

Jul 25 KCBT Wheat stands at $5.51, also down 7 1/4 cents.

May 25 MGEX Wheat is currently at $5.90 1/2, down 5 cents.

Jul 25 MGEX Wheat is trading at $6.06, down 4 1/4 cents.

On the date of publication, Austin Schroeder did not have any direct or indirect positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.