Wheat Markets Experience Decline Amid Export Activity
The wheat market faced another downturn across various exchanges on Tuesday, with Chicago SRW futures decreasing by 5 to 7 cents. In addition, KC HRW contracts fell by 7 to 8 cents, while MPLS spring wheat saw a drop of 9 to 11 cents.
Export Sales Provide a Glimmer of Hope
This morning, a private export sale of 120,000 MT of SRW wheat was announced, destined for Mexico in the 2024/25 delivery period. This sale slightly offsets the overall market losses.
Winter Wheat Planting and Crop Update
According to the latest Crop Progress data, winter wheat planting is currently at 64% completion as of October 13, which is 2% below the average pace for this time of year. Emergence rates stand at 35%, compared to the 5-year average of 38%.
Weekly Export Inspection Report Released
The USDA’s weekly Export Inspections report revealed that a total of 371,004 MT (13.63 million bushels) of wheat was shipped in the week ending on October 10. Notably, 86,158 MT went to Mexico and 60,290 MT was sent to Japan. Cumulatively, marketing year sales have reached 8.98 MMT (330 million bushels), reflecting a 33% increase compared to the same timeframe last year.
French Wheat Crop Update
On the international front, the French soft wheat crop is estimated to be 25.43 MMT, a reduction of 1.35 MMT from the previous month’s report, according to the country’s farm ministry.
Wheat Futures Close Monday’s Trading Session
Market closes on key wheat contracts were as follows:
- Dec 24 CBOT Wheat: $5.79 1/2, down 5 3/4 cents
- Mar 25 CBOT Wheat: $6.00 3/4, down 6 1/2 cents
- Dec 24 KCBT Wheat: $5.83, down 7 cents
- Mar 25 KCBT Wheat: $5.98 3/4, down 7 1/4 cents
- Dec 24 MGEX Wheat: $6.16 1/4, down 10 1/4 cents
- Mar 25 MGEX Wheat: $6.38, down 9 3/4 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 is 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.
