Wheat Futures Decline as Traders Anticipate Export Sales Data

Wheat futures experienced a downward trend as trading closed on Wednesday. Chicago SRW futures dropped by 1 to 2 cents, while Kansas City HRW futures saw losses ranging from 7 to 9 cents. Additionally, Minneapolis spring wheat futures declined by 7 to 8 cents at the close of trading.

Weather Forecast Impacts Trading Sentiments

The upcoming week appears drier across much of the region, from Texas to the Dakotas, with lighter precipitation expected in parts of SRW territory. This forecast could influence growing conditions and traders’ expectations in the coming days.

Export Sales Report: Expectations and Anticipations

Traders are gearing up for the Export Sales report scheduled for Thursday morning. For old crop wheat, market analysts predict net reductions between 100,000 MT and net sales reaching 150,000 MT. On the other hand, new crop sales are expected to range from 200,000 to 400,000 MT for the week ending May 1.

Upcoming Production Data

In addition to export expectations, upcoming wheat production data will be featured in the Crop Production report on Monday. Analysts anticipate total wheat production at 1.885 billion bushels. This includes an estimate of 1.325 billion bushels for winter wheat, with breaking down further to 748 million bushels for HRW, 342 million bushels for SRW, and 234 million bushels for white winter wheat.

Closing Prices

Closing figures for May 25 CBOT Wheat were:

• CBOT May 25 Wheat: $5.18, down 1 cent
• CBOT July 25 Wheat: $5.34 1/4, down 1 3/4 cents

For Kansas City wheat, the closing prices were:

• KCBT May 25 Wheat: $5.17 1/2, down 7 1/4 cents
• KCBT July 25 Wheat: $5.29 1/2, down 8 1/2 cents

Lastly, Minneapolis wheat futures closed as follows:

• MGEX May 25 Wheat: $6.16 1/2, unchanged
• MGEX July 25 Wheat: $6.03, down 7 1/2 cents

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in any of the securities mentioned in this article. All information in this article is for informational purposes only. For further clarification, please view the Barchart Disclosure Policy here.

The views expressed in this article are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.