Wheat Markets Show Mixed Performance Amid Weather Changes

Chicago Futures Rise Slightly While Other Regions Remain Steady or Decline

The wheat market experienced a blend of results on Wednesday. Chicago SRW futures gained modestly, rising by a fraction up to 2 ½ cents. In contrast, KC HRW contracts were steady to down by a penny. Meanwhile, MPLS spring wheat showed varied movement, with contracts fluctuating between a penny lower for nearby contracts and an increase of up to 3 ¼ cents for deferred contracts.

After rainfall in parts of the Southern Plains over the weekend and early this week, NOAA’s 7-day quantitative precipitation forecast indicates a drier outlook for the coming days, with only light precipitation expected in the eastern areas of the Plains.

Traders are anticipating the release of Weekly Export Sales data on Thursday morning. Expectations suggest a range of 350,000 to 650,000 MT in sales for the 2024/25 marketing year, and 0 to 50,000 MT for the 2025/26 marketing year.

Dec 24 CBOT Wheat closed at $5.78 1/2, up 2 1/2 cents.

Mar 25 CBOT Wheat closed at $5.98 1/4, up 2 cents.

Dec 24 KCBT Wheat closed at $5.85 1/2, down 1 cent.

Mar 25 KCBT Wheat closed at $6.00 1/4, down 1/2 cent.

Dec 24 MGEX Wheat closed at $6.15 1/2, down 1 cent.

Mar 25 MGEX Wheat closed at $6.37 1/2, down 1/2 cent.

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.