Wheat Markets Stabilize Amid Mixed Signals from Exports
Wheat is nearing steady trading on Thursday morning following slight overnight declines. The wheat complex ended the Wednesday session positively across all three exchanges, despite a retreat from midday highs. Chicago SRW futures rose by 3 to 4 cents. Preliminary open interest fell by 10,082 contracts, indicating short covering. Meanwhile, the Kansas City HRW market recorded gains of 4 to 5 cents, with Wednesday’s preliminary open interest down 963 contracts. Minneapolis spring wheat futures saw an increase of 6 to 7 cents.
Weather Outlook and Export Sales
The upcoming week shows limited precipitation for much of the western Southern Plains, while some SRW areas may experience a wetter pattern.
On Thursday morning, Export Sales data is predicted to show 2024/25 wheat business reflecting net reductions ranging from 200,000 MT to 100,000 MT. New crop wheat sales are expected to fall between 300,000 to 700,000 MT.
Global Wheat Production Estimates
SovEcon estimates the 2025 Russian wheat crop at 81 MMT, 1.3 MMT higher than previous forecasts but below last year’s 82.6 MMT. The USDA’s estimate stands at 83 MMT.
Current Market Prices
As of July 25, 2023, CBOT Wheat closed at $5.49 1/4, up 3 1/4 cents but currently down 1 3/4 cents. The September 25 CBOT Wheat settled at $5.63 3/4, gaining 4 cents and currently down 1 1/4 cents.
For KCBT Wheat, July 25 closed at $5.40 1/2, up 4 1/4 cents and now down 1 cent. September 25 KCBT Wheat finished at $5.54 3/4, up 4 3/4 cents and currently down ½ cent.
In the MGEX market, July 25 closed at $6.04 1/4, up 6 1/2 cents, while September 25 closed at $6.17, increasing by 6 3/4 cents but currently down ½ cent.
On the date of publication, Austin Schroeder did not hold any positions in the mentioned securities. All information is for informational purposes only. Please refer to the Barchart Disclosure Policy here.
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The views expressed here are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
