Wheat Markets Suffer Losses Ahead of Thanksgiving Break
Key Futures Prices Drop Across Primary Markets
On Wednesday, wheat prices fell in all three major markets as traders prepared for the upcoming holiday. Chicago SRW futures lost between 1 and 9 1/2 cents across most contracts. In the Kansas City HRW market, contracts declined by 13 to 14 1/4 cents, with December contracts dropping 24 ¼ cents ahead of First Notice Day. Additionally, MPLS spring wheat saw a decrease of 10 to 13 cents.
Trading will pause for Thanksgiving, reopening at 8:30 am CST for a brief session that will conclude at 12:05 pm CST.
Export Expectations and Crop Reports
Ahead of this morning’s Export Sales report, analysts anticipate wheat sales between 200,000 and 600,000 MT for the week ending 11/21, according to a Reuters survey. Meanwhile, FranceAgriMer reports that 93% of the country’s soft wheat crop has been planted, up from 90% the previous week, though 87% is rated as good/excellent, representing a 1% decline. The European Commission also noted a slight decrease in the EU’s wheat crop forecast for 2024/25 to 112.3 MMT, down 0.3 MMT from earlier estimates.
Specific Closing Prices
As for specific wheat futures, the following prices were recorded:
- Dec 24 CBOT Wheat closed at $5.37 3/4, down 1 3/4 cents
- Mar 25 CBOT Wheat closed at $5.48 1/2, down 9 1/2 cents
- Dec 24 KCBT Wheat closed at $5.26 1/4, down 24 1/4 cents
- Mar 25 KCBT Wheat closed at $5.44 1/2, down 14 1/4 cents
- Dec 24 MGEX Wheat closed at $5.64 1/2, down 13 cents
- Mar 25 MGEX Wheat closed at $5.91 1/4, down 10 1/4 cents
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
