Wheat Futures Experience Decline Amid Mixed Export Sales
Wheat futures ended Thursday trading lower across all three exchanges, with notable losses for Chicago SRW and Kansas City HRW markets.
During the Thursday session, the Chicago SRW market fell by 9 to 10 cents. Similarly, KC HRW wheat futures also lost 9 to 10 cents. Meanwhile, MPLS spring wheat futures decreased by 6 to 7 cents at the day’s close.
Today’s Export Sales report indicated that during the week of January 9, wheat sales reached 513,424 MT. This figure exceeded trade estimates, which ranged between 150,000 to 400,000 MT, and marked a three-week high. However, it still reflected a 27.44% decline compared to the same week last year. The top buyer was South Korea, importing 131,800 MT, followed closely by Taiwan with 114,700 MT.
Additionally, the International Grains Council raised their estimate for global wheat stocks by 2 MMT to 265 MMT. However, this still represents an 8 MMT decrease from the previous year. In contrast, Strategie Grains adjusted their latest estimate for EU wheat production, increasing it by 0.6 MMT to a total of 127.2 MMT.
Japan has recently purchased a total of 132,888 MT of wheat from the US, Canada, and Australia, with 48,308 MT specifically sourced from the US in their latest tender.
Mar 25 CBOT Wheat closed at $5.37 1/2, down 9 1/2 cents.
May 25 CBOT Wheat closed at $5.49 1/2, down 9 1/4 cents.
Mar 25 KCBT Wheat closed at $5.48 1/4, down 9 1/4 cents.
May 25 KCBT Wheat closed at $5.58 1/2, down 9 cents.
Mar 25 MGEX Wheat closed at $5.81 1/2, down 6 cents.
May 25 MGEX Wheat closed at $5.91 1/2, down 6 1/2 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.
