Wheat Markets Show Slight Gains Ahead of New Exchange Proposal
Chicago, Kansas City, and Minneapolis Wheat Futures Respond Positively
The wheat complex experienced modest gains as the market closed on Thursday. Chicago SRW futures increased by up to 3 cents for most contracts, although some deferred contracts saw a slight decrease of ¼ cent. In Kansas City, HRW contracts rose by ½ to 1 ½ cents for nearby months, while the back months remained steady or dipped by up to ¼ cent. Meanwhile, MPLS spring wheat showed improvements, gaining between 1 and 2 ½ cents.
Wheat Export Sales Reflect Strong Demand
According to this morning’s Weekly Export Sales data, wheat export bookings reached 532,885 metric tons (MT), marking a 5.71% increase from the previous week. This figure falls within the trade estimates of 350,000 to 650,000 MT. Mexico emerged as the leading buyer, acquiring 169,600 MT, followed by South Korea with 86,000 MT and unidentified destinations totaling 80,500 MT.
Russia’s Initiative for an International Grain Exchange
In a significant development, Russia has proposed the establishment of a new international grain exchange among BRICS nations. This proposal, unveiled at this week’s summit, is expected to take several years for full implementation.
Wheat Futures Close on a Positive Note
Dec 24 CBOT Wheat closed at $5.81 1/2, up 3 cents.
Mar 25 CBOT Wheat closed at $6.00 3/4, up 2 1/2 cents.
Dec 24 KCBT Wheat closed at $5.87, up 1 1/2 cents.
Mar 25 KCBT Wheat closed at $6.01 1/4, up 1 cent.
Dec 24 MGEX Wheat closed at $6.18, up 2 1/2 cents.
Mar 25 MGEX Wheat closed at $6.39 3/4, up 2 1/4 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 the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
