Wheat Markets Show Mixed Results as Exports Surge
The wheat market is displaying varied performance across three exchanges as Friday unfolds. Chicago SRW futures are experiencing slight midday gains, while there were seven deliveries against December CBT wheat reported overnight. KC HRW contracts are up by 1 to 2 cents today, conversely, MPLS spring wheat has dipped by 1 to 2 cents.
Export Sales Data Shows Promising Growth
Recent Export Sales data released on Thursday reported wheat and product shipments for the marketing year to date at 10.844 MMT, marking a 33% increase year-over-year. This total is 48% of the USDA’s projected volume for the marketing year but is slightly behind the average pace of 50%. Total commitments have reached 15.698 MMT, which is 20% higher than last year and constitutes 70% of the USDA figure, trailing the average pace of 73%.
French Wheat Planting Progress and Conditions
In France, the soft wheat crop is now 96% planted, a rise from 93% the previous week and significantly up from 87% at the same point last year. Current assessments show that 86% of the crop is in good or excellent condition, slightly down from last week but up from 77% last year.
Ukrainian and Russian Export Dynamics
According to Argus Media, the Ukrainian wheat crop is expected to see an increase of 1.3 MMT in 2025, bringing the total to 23.7 MMT. Meanwhile, Russia’s wheat production is projected at 81.5 MMT, reflecting a minor increase of 0.2 MMT compared to last year. Additionally, Russia plans to raise its export tariff on wheat to $48.57/MT starting December 11, an increase of 32% from the previous week.
Current Wheat Futures Prices
Dec 24 CBOT Wheat is priced at $5.46, down ¾ cent.
Mar 25 CBOT Wheat is at $5.59, up ¾ cent.
Dec 24 KCBT Wheat stands at $5.33 ½, down 2 ½ cents.
Mar 25 KCBT Wheat is at $5.54 ¼, up 1 ¾ cents.
Dec 24 MGEX Wheat is unchanged at $5.68 ½.
Mar 25 MGEX Wheat is at $5.97, down 1 ½ 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.
