Wheat Market Sees Uptick as Trade Begins
Wheat contracts are starting Tuesday with slight gains across all three markets. Recent trading showed mixed results on Monday, with soft wheat experiencing the most weakness. Chicago SRW futures dipped by 1 to 2 1/4 cents for nearby contracts, while deferred contracts increased by ¼ to 5 cents. Meanwhile, KC HRW contracts rose by ½ to 2 ¼ cents, and MPLS spring wheat futures finished the day up by a penny to 1 ¾ cents.
Export Activity Shows Positive Trends
The Weekly Export Inspection report released yesterday noted that 298,075 MT (10.95 million bushels) of wheat were shipped during the week of December 12. This figure marks a 20.2% increase from the previous week and is 4.66% higher than the same week last year. Among the buyers, Mexico led with 69,471 MT, closely followed by Japan, which imported 66,933 MT. Overall, the total marketing shipments for the year reached 11.537 MMT (423.9 million bushels), a notable rise of 29.41% from last year.
International Purchases Impacting Market
In recent developments, Saudi Arabia secured 804,000 MT of wheat through a tender, surpassing their initial requirement of 595,000 MT. Additionally, Algeria is looking to purchase 50,000 MT of durum wheat, with the tender closing on Wednesday.
Current Wheat Prices
As for the latest prices as of March 25:
- CBOT Wheat: Closed at $5.50, down 2 1/4 cents; currently up 1 1/4 cents.
- May CBOT Wheat: Closed at $5.61, down 1 1/4 cents; currently up 1 1/2 cents.
- KCBT Wheat: Closed at $5.59 1/4, up 2 1/4 cents; currently up 1 1/4 cents.
- May KCBT Wheat: Closed at $5.66 3/4, up 1 1/2 cents; currently up 1 1/2 cents.
- MGEX Wheat: Closed at $5.98 1/2, unchanged; currently up 1/4 cents.
- May MGEX Wheat: Closed at $6.07 1/2, up 2 cents; currently up 1 3/4 cents.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All data is for informational purposes only. For more details, please refer to 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.
