Wheat Dragging Lower at Midday
The wheat market is posting losses again as we trade through Wednesday’s midday. Chicago futures are down 6 to 8 cents across most contracts. Kansas City contracts are 8 to 9 cents in the red. MPLS spring wheat is 3 to 5 cents lower.
All US wheat stocks projected for the end of the 2024/25 marketing year are seen at an average of 785 mbu, a27 mbu increase vs. the June WASDE due to the increased production potential and carryover. Production is forecasted to be raised by 40 mbu to 1.915 bbu, with most coming from higher winter wheat output. World Ending stocks are seen as being slightly lower than the 252.3 MMT projected last month at 252.1 MMT.
South Koreas importers purchased 90,000 MT of wheat from the US and Canada, with at least 50,000 MT US specific.
Jul 24 CBOT Wheat is at $5.47 1/4, down 7 cents,
Sep 24 CBOT Wheat is at $5.64 3/4, down 7 1/4 cents,
Jul 24 KCBT Wheat is at $5.72, down 9 cents,
Sep 24 KCBT Wheat is at $5.68 3/4, down 9 cents,
Jul 24 MGEX Wheat is at $6.21, unch,
Sep 24 MGEX Wheat is at $6.13 1/4, down 4 1/4 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.