Wheat Markets Decline as Weather Patterns Shift and Exports Await Data

Wheat experienced losses across the three major markets on Wednesday. Chicago SRW futures fell by 6 to 8 cents at the end of trading. Similarly, Kansas City HRW contracts decreased by 8 to 9 cents. Meanwhile, MPLS spring wheat concluded the day with contracts down by 3 cents.

Weather Forecast Impacts Market Dynamics

Looking ahead, precipitation is forecasted for much of the U.S., particularly from the Rockies to the Appalachians, with rainfall amounts expected to exceed one inch in several areas. Notably, eastern Kansas, Oklahoma, and western Missouri may experience even heavier totals.

Upcoming Export Sales Data

On Thursday morning, Export Sales data will be released, revealing expected totals for old crop wheat sales. Analysts anticipate figures between net reductions of 150,000 MT and net sales of 200,000 MT for the week of April 17. For new crop sales, estimates suggest totals of 100,000 to 300,000 MT.

Additionally, overnight reports indicate that South Korean mills have purchased 50,000 MT of wheat from the United States.

Closing Prices for Wheat Futures

May 25 CBOT Wheat closed at $5.28 1/4, down 7 1/4 cents.

Jul 25 CBOT Wheat closed at $5.43 1/2, down 6 3/4 cents.

May 25 KCBT Wheat closed at $5.37 3/4, down 8 1/4 cents.

Jul 25 KCBT Wheat closed at $5.50 1/4, down 8 cents.

May 25 MGEX Wheat closed at $5.91 1/2, down 4 cents.

Jul 25 MGEX Wheat closed at $6.07, down 3 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
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The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.