Wheat Slips Lower on Wednesday
The wheat market posted weakness across the three exchanges so far on Wednesday. Chicago SRW futures were down 4 to 5 cents in the nearbys. KC HRW futures were 2 to 4 cents lower in the front months to close out the midweek session. MPLS spring wheat was 2 to 4 cents in the red on the day.
USDA will release their weekly Export Sales report on Thursday, with traders looking for 200,000-550,000 MT in wheat bookings for 2024/25 in the week of 1/30. Sales for 2025/26 are seen at 0-50,000 MT.
All wheat export shipments in December totaled 1.653 MMT (60.73 mbu), a 4-year high for the months. That was up 16.64% from last month and 10.8% larger than last year.
South Korea purchased 85,000 MT of US wheat overnight.
Mar 25 CBOT Wheat closed at $5.72 1/4, down 4 3/4 cents,
May 25 CBOT Wheat closed at $5.84 1/2, down 4 1/4 cents,
Mar 25 KCBT Wheat closed at $5.91 3/4, down 3 cents,
May 25 KCBT Wheat closed at $6.01 1/4, down 2 3/4 cents,
Mar 25 MGEX Wheat closed at $6.18 1/2, down 3 1/4 cents,
May 25 MGEX Wheat closed at $6.28 1/4, down 2 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.