Wheat Market Gains as Holiday Week Approaches
Wheat prices increased across all major markets on Monday, signaling a positive start to a short holiday week.
Chicago SRW futures rose by 6 to 8 1/4 cents during the session. Meanwhile, KC HRW contracts recorded gains of 4 ¾ to 6 ½ cents. Not to be left behind, MPLS spring wheat futures were up 4 to 5 ¼ cents for the day.
Market operations will be altered this week, with early closures on Tuesday for Christmas Eve and a full closure on Wednesday for Christmas. Trading will resume with a hard open on Thursday.
According to the Weekly Export Inspections report, the total wheat exports for the week ending December 19 reached 403,719 MT (14.83 million bushels). This figure marks a 34.18% increase from the previous week, though it is down 14.65% compared to the same week last year. The Philippines topped the list of destinations, receiving 107,103 MT, followed by Indonesia with 76,255 MT and Mexico with 72,951 MT. Cumulatively, year-to-date shipments have reached 11.943 MMT (344.9 million bushels), an increase of 27.22% from last year’s figures at this time.
In international news, Russia’s agricultural consulting firm, SovEcon, revised their 2024/25 export estimate down by 0.4 MMT to 43.7 MMT. Their forecast for 2025/26 is set at 36.4 MMT.
Mar 25 CBOT Wheat closed at $5.40 1/2, an increase of 7 1/2 cents.
May 25 CBOT Wheat closed at $5.51, up 8 1/4 cents.
Mar 25 KCBT Wheat closed at $5.51, gaining 6 1/4 cents.
May 25 KCBT Wheat closed at $5.59, up 6 1/2 cents.
Mar 25 MGEX Wheat closed at $5.95 1/2, rising 5 1/4 cents.
May 25 MGEX Wheat closed at $6.03 1/2, also up 5 1/4 cents.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more details, please review the Barchart Disclosure Policy
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