Wheat Markets Bounce Back After Overnight Dip
The wheat markets showed resilience, recovering from a sluggish overnight session as all three major trading venues closed higher. Chicago SRW futures gained 3 to 4 cents on the day, while KC HRW contracts rose by 3 1/4 to 4 3/4 cents. Additionally, MPLS spring wheat prices increased by 2 to 3 3/4 cents.
US Crop Progress and Planting Insights
The most recent Crop Progress report, released Monday afternoon, noted that 73% of the US winter wheat crop had been planted as of October 20. This figure is 3 percentage points below the average for this time of year. Furthermore, only 46% of the crop had emerged, compared to the average emergence rate of 52%.
Global Wheat Production Estimates
In related news, several Russian firms provided initial predictions for the 2025 wheat crop. IKAR forecasts a range of 80 to 85 MMT, while SovEcon estimates it at 80.1 MMT. Meanwhile, the European Commission reported that soft wheat exports from the EU totaled 7.02 MMT between July 1 and October 20, a decrease from last year’s 10.22 MMT.
Current Wheat Futures Prices
As for the latest futures prices:
- Dec 24 CBOT Wheat closed at $5.76, up 3 3/4 cents.
- Mar 25 CBOT Wheat closed at $5.96 1/4, up 4 cents.
- Dec 24 KCBT Wheat closed at $5.86 1/2, up 4 1/4 cents.
- Mar 25 KCBT Wheat closed at $6.00 3/4, up 3 3/4 cents.
- Dec 24 MGEX Wheat closed at $6.16 1/2, up 2 1/2 cents.
- Mar 25 MGEX Wheat closed at $6.38, up 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 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.
