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Wheat Closes at 11-week LowThe wheat complex bears were busy selling back to near the lows from August on Thursday. Chicago SRW futures were down 8 1/4 to 10 3/4 cents across the board on the day. KC HRW contracts posted losses of 7 ¾ to 9 ¼ cents at the close. MPLS spring wheat was 4 ½ to 9 ¼ cents in the red on the session. The USDA will release their weekly Export Sales report on Friday morning, analysts expecting to see 250,000 to 550,000 MT for the 2024/25 MT. Sales for the 2025/26 MT are seen at 0 to 50,000 MT. Japan purchased a total of 114,403 MT of wheat from the three usual suspects, Australia, Canada, and the US, with 58,046 US specific. Strategie Grains estimated the EU wheat crop will see a 5% increase in acreage for the coming growing season, though they cited a tough start to planting will leave expected production near the previous year’s total at 114.4 MMT. SovEcon released estimates for last years Russian wheat crop at 51.4 MMT, a slight 0.1 MMT drop from the previous number. For the 2025 crop, they increased expected output by 1.5 MMT to 81.6 MMT. Dec 24 CBOT Wheat closed at $5.30 1/4, down 10 3/4 cents, Mar 25 CBOT Wheat closed at $5.48 1/4, down 8 1/4 cents, Dec 24 KCBT Wheat closed at $5.33, down 7 3/4 cents, Mar 25 KCBT Wheat closed at $5.46 3/4, down 8 cents, Dec 24 MGEX Wheat closed at $5.66 1/2, down 4 1/2 cents, Mar 25 MGEX Wheat closed at $5.85 3/4, down 7 1/2 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. |
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