Wheat Market Shows Mixed Results with Gains and Losses
Wheat prices are displaying a mixed performance at midday, with winter wheat exchanges relatively strong. Chicago SRW futures have increased by 5 to 6 cents as trading develops through Wednesday. Notably, there were 18 deliveries against May CBT wheat overnight, all of which were halted by a Marex customer. Meanwhile, Kansas City HRW futures are showing gains of 9 to 10 cents so far today. In contrast, Minneapolis spring wheat futures are experiencing declines, trading down by 2 to 4 cents at midday.
Weather Impact on Wheat Regions
Forecasts indicate that rain is expected to move into parts of SRW country over the upcoming week. However, much of the HRW region will be missing out on this rain, notably from southwest Nebraska through western Kansas and into the Texas panhandle.
Hard Red Wheat Tour and International Demand
Tuesday marked the first day of the annual Hard Red Wheat Tour in Kansas, with Day 1 results showing an average yield of 50.5 bushels per acre (bpa). This figure surpasses last year’s Day 1 yield of 49.9 bpa and represents a four-year high. Results for Day 2 will be released this evening.
Internationally, Algeria has made headlines by purchasing an estimated 660,000 metric tons (MT) of wheat in a recent tender on Wednesday.
Current Futures Prices
Jul 25 CBOT Wheat: $5.23, up 5 3/4 cents
Sep 25 CBOT Wheat: $5.37 1/2, up 5 3/4 cents
Jul 25 KCBT Wheat: $5.21 1/2, up 9 3/4 cents
Sep 25 KCBT Wheat: $5.35 1/4, up 9 cents
Jul 25 MGEX Wheat: $5.77 1/4, down 3 1/2 cents
Sep 25 MGEX Wheat: $5.91 1/4, down 2 1/2 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 here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
