Wheat Market Dips Amid Upcoming USDA Report

Chicago, Kansas City, and Minneapolis Exchanges See Red

The wheat market is experiencing declines across three major exchanges on Wednesday. Chicago SRW futures have fallen by 6 to 8 cents in the nearby contracts. In Kansas City, HRW futures are down 3 to 4 cents in the front months. Meanwhile, MPLS spring wheat has also decreased, slipping fractionally to 3 cents lower on the day.

Looking ahead, the USDA is expected to release its weekly Export Sales report on Thursday. Traders anticipate wheat bookings ranging from 200,000 to 550,000 metric tons for the 2024/25 marketing year for the week ending January 30. Sales for 2025/26 are forecasted at 0 to 50,000 metric tons.

In a notable development, all wheat export shipments in December reached a noteworthy 1.653 million metric tons (60.73 million bushels), marking a four-year high for the month. This figure reflects a 16.64% increase from the previous month and a 10.8% rise compared to last year.

Additionally, South Korea has recently purchased 85,000 metric tons of U.S. wheat overnight.

Mar 25 CBOT Wheat is priced at $5.69 3/4, showing a decline of 7 1/4 cents.

May 25 CBOT Wheat is at $5.82 1/2, down 6 1/4 cents.

Mar 25 KCBT Wheat is valued at $5.90 3/4, a drop of 4 cents.

May 25 KCBT Wheat stands at $6.00 1/4, down 3 3/4 cents.

Mar 25 MGEX Wheat is at $6.19 1/2, experiencing a decrease of 2 1/4 cents.

May 25 MGEX Wheat is priced at $6.30, down 1/2 cent.

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. The information provided is for informational purposes only. For more details, please view the Barchart Disclosure Policy.

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