Wheat Drops on Wednesday, Traders Waiting for the Open
Wheat posted losses across the three markets on Wednesday ahead of the Holiday. Chicago SRW futures were down 1 to 9 1/2 cents in most contracts. KC HRW contracts were 13 to 14 1/4 cents lower on the session, with December falling 24 ¼ ahead of First Notice Day. MPLS spring wheat is down 10 to 13 cents.
The markets were closed on Thanksgiving and will have a hard open this morning at 8:30 am CST for a shortened session closing at 12:05 pm CST.
Prior to this morning’s Export Sales report, the trade is looking for 200,000 and 600,000 MT of wheat sales in the week of 11/21 according to a Reuters survey.
The FranceAgriMer shows the country’s soft wheat crop at 93% planted, above the 90% from the week prior, with 87% listed as good/excellent, down 1% from last week. The European Commission showed the EU 2024/25 wheat crop at 112.3 MMT, down 0.3 MMT from the previous number.
Dec 24 CBOT Wheat closed at $5.37 3/4, down 1 3/4 cents,
Mar 25 CBOT Wheat closed at $5.48 1/2, down 9 1/2 cents,
Dec 24 KCBT Wheat closed at $5.26 1/4, down 24 1/4 cents,
Mar 25 KCBT Wheat closed at $5.44 1/2, down 14 1/4 cents,
Dec 24 MGEX Wheat closed at $5.64 1/2, down 13 cents,
Mar 25 MGEX Wheat closed at $5.91 1/4, down 10 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.