Wheat Lower to Kick Off Thursday Trade
Wheat is starting the Thursday session with losses. The wheat complex got some later day weakness but held gains across all three exchanges on Wednesday. Chicago SRW futures were up 2 3/4 to 9 cents on the day. KC HRW contracts were 1 1/4 to 4 cents higher across most contracts. MPLS spring wheat posted 2 ½ to 3 ¼ cent gains on the midweek session.
Ahead of the weekly Export Sales report from FAS, the trade is estimating 2024/25 sales totaling between 300,000 and 600,000 MT. Sales for 2025/26 are expected to total 0 to 75,000 MT.
Russian wheat exports are expected to be 45.9 MMT for the 2024/25 marketing year, down from the 1.7 MMT in the previous estimate from SovEcon.
Dec 24 CBOT Wheat closed at $5.73 1/4, up 2 3/4 cents, currently down 5 1/4 cents
Mar 25 CBOT Wheat closed at $5.93 1/2, up 3 cents, currently down 5 cents
Dec 24 KCBT Wheat closed at $5.75 3/4, up 1 1/2 cents, currently down 7 cents
Mar 25 KCBT Wheat closed at $5.89 3/4, up 1 1/4 cents, currently down 7 cents
Dec 24 MGEX Wheat closed at $6.09, up 2 1/2 cents, currently down 4 3/4 cents
Mar 25 MGEX Wheat closed at $6.32 3/4, up 2 3/4 cents, currently down 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.