Wheat Prices Mixed Midday with Hard Red Contracts Gaining Strength

The wheat market is exhibiting a mixed performance at midday, highlighted by the strength in hard red wheat contracts. Chicago SRW futures are experiencing slight declines, with losses ranging from fractional to 2 cents. Conversely, Kansas City HRW contracts are showing gains of 3 to 5 cents at this hour, while MPLS spring wheat is up by 4 to 5 cents in the front months.

Upcoming USDA Export Sales Data

The USDA is set to release Export Sales data on Thursday morning. Analysts anticipate net reductions of 100,000 MT up to net sales of 400,000 MT for old crop. For new crop sales, projections are between 0 and 200,000 MT.

Wheat Ending Stocks Estimates

Additionally, the upcoming USDA report will update estimates for wheat ending stocks in the U.S., with expectations set at 825 million bushels (mbu). This figure represents an increase of 6 mbu from last month if confirmed. A Reuters survey of analysts indicates that world ending stocks are also expected to rise by 0.31 million metric tons (MMT) to 260.39 MMT.

Current Wheat Futures Prices

May 25 CBOT Wheat is currently priced at $5.39 1/2, down 1/2 cent.

Jul 25 CBOT Wheat is trading at $5.52 3/4, down 1 1/4 cents.

May 25 KCBT Wheat is at $5.66, reflecting an increase of 4 1/2 cents.

Jul 25 KCBT Wheat is valued at $5.78, up 3 cents.

May 25 MGEX Wheat is at $6.05 3/4, gaining 4 3/4 cents.

Jul 25 MGEX Wheat is at $6.18 3/4, rising by 4 1/4 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are intended solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy
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