Wheat Markets Face Declines on Friday Amid Export Slowdown
The wheat market is experiencing declines in trading as Friday progresses. Chicago SRW futures have fallen by 6 to 8 cents in the nearby contracts. Similarly, KC HRW futures are down 5 to 6 cents in the near months. The MPLS spring wheat market has also seen a decrease, with prices down 4 to 5 cents today.
On Thursday, the USDA published its weekly Export Sales report, revealing 438,867 MT in total wheat sales for the week concluding January 30. This brings the overall marketing year sales to 18.768 MMT, representing 81% of USDA’s export forecast, which lags behind the 90% average pace typical for this period.
According to data from Stats Canada, total wheat stocks stood at 24.481 MMT as of December 31, marking a 0.9% increase from the previous year. Excluding durum wheat, stocks were recorded at 20.865 MMT, indicating a slight decline of 0.9% from the end of 2023.
Mar 25 CBOT Wheat is priced at $5.80 1/4, down 7 1/2 cents.
May 25 CBOT Wheat is at $5.92 3/4, which is down by 6 cents.
Mar 25 KCBT Wheat is trading at $6.02, a drop of 5 1/2 cents.
May 25 KCBT Wheat is listed at $6.11 1/4, down 5 cents.
Mar 25 MGEX Wheat is at $6.24 1/4, decreasing by 4 1/4 cents.
May 25 MGEX Wheat is at $6.34, down 4 cents.
At the time of publication, Austin Schroeder had no direct or indirect positions in any of the securities mentioned in this article. All information and data provided are solely for informational purposes. For more details, please review the Barchart Disclosure Policy
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