Wheat Markets Rise on Election Day: Insights from the Latest Trends
Strong Gains Noted Across Major Exchanges
The wheat markets experienced gains across all three exchanges as trading concluded on Tuesday, coinciding with Election Day. Chicago SRW futures increased by 3 1/4 to 3 3/4 cents. In Kansas City, HRW contracts showed slight to moderate increases, rising by up to 5 3/4 cents. Meanwhile, MPLS spring wheat futures saw gains ranging from 2 1/2 to 5 1/2 cents.
Export Data Reflects Positive Momentum
According to the latest census export data, total wheat shipments reached 2.453 million metric tons (90.14 million bushels) in September. This figure slightly surpasses August’s total and marks a significant increase of 33.3% compared to last year.
International Buyers on the Move
Egypt’s GASC made waves by purchasing 290,000 metric tons of wheat in its recent tender. This included 120,000 metric tons from Romania, 120,000 from Ukraine, and 50,000 from Bulgaria. Additionally, Japan is seeking 121,790 metric tons from Australia, Canada, and the U.S., with 71,712 metric tons designated specifically from the U.S. South Korea has also issued a tender for 100,000 metric tons of wheat, split equally between the U.S. and Australia.
Closing Prices Show Positive Trend
Closing prices for December and March contracts are as follows:
- Dec 24 CBOT Wheat: closed at $5.72 1/2, up 3 3/4 cents
- Mar 25 CBOT Wheat: closed at $5.91, up 3 1/2 cents
- Dec 24 KCBT Wheat: closed at $5.76 3/4, up 5 3/4 cents
- Mar 25 KCBT Wheat: closed at $5.89, up 5 1/4 cents
- Dec 24 MGEX Wheat: closed at $6.10 1/2, up 5 1/2 cents
- Mar 25 MGEX Wheat: closed at $6.32 1/4, up 5 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 those of the author and do not necessarily reflect those of Nasdaq, Inc.
