Wheat Markets Show Declines as Key Data Looms

Wheat prices fell on Wednesday, reflecting a downward trend across all three major markets.

Chicago SRW futures experienced declines, dropping between 1 and 3 3/4 cents for near-term contracts, while showing slight gains in later contracts. Kansas City HRW contracts closed lower by 2 ¾ to 3 3/4 cents. Similarly, MPLS spring wheat futures ended the day down by 3 to 5 cents.

On Thursday morning, the USDA is set to release Export Sales data. Analysts anticipate wheat sales for 2024/25 to range between 225,000 MT to 550,000 MT, with 0 to 50,000 MT projected for 2025/26.

In a related development, a South Korean importer has put out a tender for 90,000 MT of wheat sourced from the US and Canada, specifically requesting 50,000 MT from the US. Additionally, the FrenchAgriMer forecasts that France’s 2024/25 soft wheat exports will reach 6.16 MMT within the EU, a slight increase of 0.26 MMT from last month’s estimate. Exports outside the EU are expected to total 3.5 MMT, a decrease of 0.4 MMT from the previous month’s outlook.

Mar 25 CBOT Wheat closed at $5.41 1/4, reflecting a decrease of 3 3/4 cents.

May 25 CBOT Wheat ended at $5.51 3/4, down by 2 3/4 cents.

Mar 25 KCBT Wheat settled at $5.48 3/4, dropping 3 3/4 cents.

May 25 KCBT Wheat closed at $5.56 3/4, down by 3 1/2 cents.

Mar 25 MGEX Wheat wrapped up at $5.92 1/2, a decline of 2 1/2 cents.

May 25 MGEX Wheat showed a closing price of $5.99, down 3 1/2 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 solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.

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