Wheat Pushed Lower on Tuesday

beautiful landscape of sunset over corn field

Wheat is trading back up by 5 to 10 cents early on Wednesday after starting the week weaker. Nearby wheat futures ended the day with 6 to 13 ½ cent losses in follow through Tuesday selling. Chicago futures were at or near their lows for the day. KC HRW closed double digits weaker with losses of over 2%. MGE spring wheat prices were down by 6 ¼ to 7 ½ cents, setting some new life of contract lows and a multi-year low (since April 2021) on the continuation charts. 

Wire sources had Saudi Arabia’s GFSA booking 795k MT of wheat via a weekend tender. Japan is set to buy 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Results are expected tonight or early Thursday. 

May 24 CBOT Wheat  is at $5.45 1/4, down 11 3/4 cents, currently up 7 cents

Jul 24 CBOT Wheat  is at $5.61 3/4, down 11 cents, currently up 7 cents

May 24 KCBT Wheat  is at $5.63 1/4, down 12 1/4 cents, currently up 10 3/4 cents

Jul 24 KCBT Wheat  is at $5.57 1/2, down 13 1/2 cents, currently up 9 1/4 cents

May 24 MGEX Wheat  is at $6.27 1/2, down 7 1/4 cents, currently up 7 1/2 cents

On the date of publication, Alan Brugler 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.