Wheat Futures Begin Thursday with Losses Following Previous Gains
Delayed Export Sales Data and Crop Progress Updates
Wheat futures opened Thursday’s trading session lower, despite having closed positively on Wednesday across all three exchanges. Chicago SRW futures increased by 1 1/4 to 5 1/2 cents, while KC HRW contracts rose by 3 to 5 3/4 cents. Meanwhile, MPLS spring wheat exhibited a recovery, with prices up by 1 ¼ to 4 ¾ cents.
Due to the Monday holiday, Export Sales data will be released on a delayed schedule, set for Friday morning.
Winter Wheat Planting and Stock Reports
According to recent Crop Progress data, winter wheat planting has reached 64% completion as of October 13. This figure is 2% behind the average pace. Additionally, the emergence rate is currently at 35%, slightly trailing the 5-year average of 38%.
In related news, FranceAgriMer projects French soft wheat stocks will total 2.51 million metric tons (MMT), reflecting a decrease of 0.24 MMT from the previous month.
Current Wheat Pricing Trends
As for the futures market, here are the latest closing prices for various wheat contracts:
- Dec 24 CBOT Wheat: closed at $5.85, a rise of 5 1/2 cents, but currently down 5 1/4 cents.
- Mar 25 CBOT Wheat: closed at $6.05 1/4, up 4 1/2 cents, now down 5 1/2 cents.
- Dec 24 KCBT Wheat: closed at $5.88 3/4, up 5 3/4 cents, currently down 4 1/2 cents.
- Mar 25 KCBT Wheat: closed at $6.03 1/2, up 4 3/4 cents, now down 5 cents.
- Dec 24 MGEX Wheat: closed at $6.20 3/4, up 4 1/2 cents, currently down 1/4 cent.
- Mar 25 MGEX Wheat: closed at $6.42 3/4, up 4 3/4 cents, currently up 1/4 cent.
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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
