Wheat Futures Hold Steady Following Recent Gains
Market Updates and Export Insights
On Thursday morning, wheat futures show little change, with the Minneapolis Grain Exchange (MPLS) seeing a slight increase. Just yesterday, wheat markets experienced significant gains, with Chicago SRW futures rising by 17 to 18 cents at the close. Kansas City Hard Red Winter (KC HRW) futures were up 19 to 20 cents in the front months, while MPLS spring wheat added 14 to 16 cents.
This morning, traders await the Export Sales data. Expectations for wheat sales in 2024/25 during the week of January 23 are forecasted to be between 150,000 and 500,000 metric tons. For the 2025/26 sales, the predictions range from 0 to 50,000 metric tons.
Japan has procured 89,134 metric tons of wheat from the United States and Canada, with 29,070 metric tons sourced specifically from the U.S. in their latest weekly tender. Additionally, SovEcon has revised its estimate for Russian wheat exports in 2024/25 to 42.8 million metric tons, down by 0.9 million metric tons from their previous estimate.
Here are the latest closing prices for wheat futures:
- Mar 25 CBOT Wheat: $5.62 1/2, up 17 1/4 cents, currently down 1/4 cent
- May 25 CBOT Wheat: $5.76, up 17 1/4 cents, currently down 1/2 cent
- Mar 25 KCBT Wheat: $5.80 1/4, up 19 1/4 cents, currently down 1/2 cent
- May 25 KCBT Wheat: $5.90 1/4, up 19 1/2 cents, currently down 1/4 cent
- Mar 25 MGEX Wheat: $6.13 3/4, up 16 cents, currently up 2 1/2 cents
- May 25 MGEX Wheat: $6.22 1/4, up 14 1/4 cents, currently up 2 cents
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data are solely for informational purposes. For more details, please see the Barchart Disclosure Policy
here.
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