Wheat Weakness Continuing Ahead of Export Sales Release
Wheat futures are showing weaker trade so far on Thursday morning, with spring wheat traying to show some strength. The wheat market saw losses across the three exchanges at the Wednesday close. Chicago SRW futures were down 1 to 2 cents in the front months on the day. Kansas City HRW contracts led the charge, down 10 to 12 cents on Wednesday. MPLS spring wheat losses totaled 2 to 4 cents in the nearbys. Strength in the US dollar index put some pressure on things.
USDA Export Sales data will be released this morning, with estimates of between 300,000 and 700,000 MT for old crop sales. New Crop bookings are estimated to tally 25,000 to 100,000 MT.
Allendale producer survey driven estimates for the 2025 wheat planted acreage total is at 45.863 million acres.
Turkey is allowing for wheat imports duty free to be milled for flour exports.
May 25 CBOT Wheat closed at $5.63 1/2, down 1 1/2 cents, currently down 3 cents
Jul 25 CBOT Wheat closed at $5.80, down 2 cents, currently down 3 cents
May 25 KCBT Wheat closed at $5.94 3/4, down 11 1/2 cents, currently down 4 3/4 cents
Jul 25 KCBT Wheat closed at $6.08 3/4, down 10 1/4 cents, currently down 4 1/2 cents
May 25 MGEX Wheat closed at $6.11 3/4, down 2 1/4 cents, currently down 1/4 cent
Jul 25 MGEX Wheat closed at $6.27 1/2, down 2 3/4 cents, currently up 1/2 cent
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.