On Thursday, September 26, wheat complex futures fell, with Chicago SRW contracts losing 1 to 3 cents, while KC HRW futures declined by 2 to 3.5 cents. In contrast, MPLS spring wheat gained 2 to 3 cents. This market fluctuation occurred amid ongoing conflicts between Russia and Ukraine, particularly following Russia’s strike on a vessel in Odesa, Ukraine’s primary export port.
The USDA’s weekly Export Sales report revealed that only 235,102 metric tons (MT) of wheat were sold for the week ending July 9, significantly below the pre-report estimates of 250,000 to 600,000 MT and marking the lowest sales in the current marketing year. Concurrently, France AgriMer adjusted its estimates for French wheat exports, predicting 7 million MT outside the EU, down by 0.4 million MT, while soft wheat stocks were estimated at 3.65 million MT, up 0.27 million MT from prior assessments.
Closing prices for key wheat futures on September 26 were as follows: CBOT Wheat at $6.74¾ (down 2¾ cents), KC Wheat at $7.16½ (down 3½ cents), and MIAX Wheat at $6.85¼ (up 2 cents).
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
