Wheat Prices Dip Amid Mixed Market Trends
Friday’s wheat market showed noticeable weakness, particularly in winter wheat sectors. Chicago SRW futures decreased by ½ to 5 ½ cents, marking a 16 ¾ cents drop for March this week and a 42 ¼ cents fall for the month. Kansas City HRW contracts mirrored this trend, losing 2 ¾ to 5 ½ cents in the session, with March showing a significant decline of 24 ¾ cents over the week and 42 ¼ cents this month. On a contrasting note, MPLS spring wheat proved stronger, with December increasing by 8 cents while other contracts remained nearly unchanged. However, March MPLS suffered a drop of 9 ¾ cents this week and 36 ½ cents for the month.
The latest Export Sales report revealed that U.S. wheat sales totaled 366,804 MT for the week ending November 21. This figure fell within the projected range of 200,000 to 600,000 MT. It also marked a nine-week low, representing a decrease of 33.26% compared to the previous week. Notably, unknown destinations were the largest buyers at 95,000 MT, followed by Taiwan with 59,100 MT.
According to FranceAgriMer, France’s soft wheat crop has been 93% planted, an improvement over the previous week’s 90%. Currently, 87% of the crop is rated as good or excellent, a slight decline of 1% from last week. The European Commission has revised the EU 2024/25 wheat crop estimate to 112.3 MMT, a decrease of 0.3 MMT from earlier forecasts.
In Russia, an export quota for wheat has been established for the period from February 15 to June 30 of next spring, set at 11 MMT. This is a substantial reduction from the 29 MMT quota during the same time frame in 2024, which also included corn and barley. According to USDA data, those grains combined for 12.8 MMT in total shipments for the 2023/24 year.
Dec 24 CBOT Wheat closed at $5.32 1/4, down 5 1/2 cents.
Mar 25 CBOT Wheat closed at $5.48, down 1/2 cent.
Dec 24 KCBT Wheat closed at $5.20 3/4, down 5 1/2 cents.
Mar 25 KCBT Wheat closed at $5.40 3/4, down 3 3/4 cents.
Dec 24 MGEX Wheat closed at $5.72 1/2, up 8 cents.
Mar 25 MGEX Wheat closed at $5.91 3/4, up 1/2 cent.
On the date of publication, Austin Schroeder did not hold positions (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article are presented solely for informational purposes. For additional information, please 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.
