Wheat Futures Experience Modest Gains on Wednesday

The wheat market is mostly elevated this Wednesday, with various contracts showing positive movement. Chicago SRW futures are up by 3 to 4 cents across the board. Additionally, two new deliveries against December CBT wheat futures were announced overnight. Kansas City Hard Red Winter (KC HRW) contracts increased by 2 to 3 cents, while Minneapolis Spring (MPLS) wheat saw a rise of 1 to 3 cents early in the trading session.

Forecasting Export Sales and Stock Changes

The upcoming weekly Export Sales report is anticipated to reveal wheat bookings for the 2024/25 period, falling between 275,000 and 600,000 metric tons for the week ending December 5. For the 2025/26 sales period, estimates range from 0 to 50,000 metric tons.

WASDE Report Highlights Stock Variations

The recent monthly WASDE report indicated a decrease in U.S. wheat ending stocks, showing a drop of 20 million bushels to 795 million bushels, attributed to higher export totals. Conversely, world wheat stocks saw a slight increase of 0.31 million metric tons, bringing the total to 257.88 million metric tons.

Current Futures Prices

Dec 24 CBOT Wheat: $5.42, up 3/4 cent

Mar 25 CBOT Wheat: $5.65, up 3 1/4 cents

Dec 24 KCBT Wheat: $5.59 1/2, up 10 1/4 cents

Mar 25 KCBT Wheat: $5.68, up 2 1/4 cents

Dec 24 MGEX Wheat: $5.82 1/4, unchanged

Mar 25 MGEX Wheat: $6.07 3/4, up 1 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
here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.