Wheat Market Experiences Declines Ahead of USDA Export Data

The wheat market saw another dip on Wednesday, with Chicago SRW futures decreasing by 8 to 9 cents at the close. Kansas City HRW contracts recorded losses ranging from 4 to 6 cents for the nearby contracts. Similarly, MPLS spring wheat also fell, losing 3 to 4 cents amid midweek weakness.

Traders await the USDA’s Export Sales data, which will be released on Thursday morning. Expectations for 2024/25 sales are projected between 0-550,000 MT for the week ending March 20. Additionally, new crop wheat sales are estimated to total between 100,000 and 300,000 MT.

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Looking ahead, the upcoming week appears to be wet for much of the SRW region, particularly over the weekend and early next week. Precipitation for HRW is expected to be limited mainly to parts of central and southern Texas.

NASS will release the March 1 Grain Stocks data on Monday. A Bloomberg survey indicates that traders expect an average of 1.221 billion bushels (bbu) of wheat in storage, with forecasts ranging from 1.169 to 1.26 bbu for the total on March 1.

May 25 CBOT Wheat closed at $5.35 1/4, down 8 cents.

Jul 25 CBOT Wheat settled at $5.51, down 8 3/4 cents.

May 25 KCBT Wheat ended at $5.65, down 4 1/4 cents.

Jul 25 KCBT Wheat closed at $5.79 1/4, down 5 1/2 cents.

May 25 MGEX Wheat finished at $5.85 1/4, down 3 1/4 cents.

Jul 25 MGEX Wheat ended at $6.01, down 4 cents.

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

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