Wheat Slipping Lower on Tuesday AM

Wheat futures are showing some slight weakness so far on Tuesday morning. The complex posted double digit losses across the three exchanges on Monday. Chicago SRW futures were down 13 to 15 cents on the day. KC HRW contracts were 14 to 16 cents lower at the Monday close. MPLS spring wheat fell another 15 to 18 cents. 

The weekly Export Inspections and Crop Progress reports from USDA are delayed until today due to Monday’s holiday.

Rain is expected to reenter portions of the Southern Plains over the next weekend. That will be a relief to some planted acres that have seen a very dry fall. 

APK-Inform has increased their 2024/25 Ukrainian wheat crop projection by 0.3 MMT to 21.5 MMT. A Turkey ban on wheat imports has yet to be lifted despite an October 15 deadline.

Dec 24 CBOT Wheat  closed at $5.85 1/4, down 13 3/4 cents, currently down 2 1/4 cents

Mar 25 CBOT Wheat  closed at $6.07 1/4, down 14 1/2 cents, currently down 2 1/4 cents

Dec 24 KCBT Wheat  closed at $5.90, down 14 1/2 cents, currently down 2 1/2 cents

Mar 25 KCBT Wheat  closed at $6.06, down 15 1/4 cents, currently down 2 cents

Dec 24 MGEX Wheat  closed at $6.26 1/2, down 17 1/4 cents, currently unch cents

Mar 25 MGEX Wheat  closed at $6.47 3/4, down 16 3/4 cents, currently unch 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.