Wheat Weakness Extending into Early Wednesday Trade

The wheat complex is trading with another round of losses on Wednesday morning, at least in the winter wheat, with spring wheat steady. They posted another round of losses across the three exchanges on Tuesday. Chicago SRW futures were down 5 to 7 cents on the day. KC HRW contracts were 7 to 8 cents lower. MPLS spring wheat fell another 9 to 11 cents. 

A private export sale of 120,000 MT of SRW wheat was reported to Mexico on Tuesday morning for 2024/25 delivery.

Crop Progress data showed the winter wheat planting pace at 64 complete as of October 13, which is 2% back of the average pace. Emergence was pegged at 35% , vs. the 5-year average pace of 38%.

The weekly Export Inspections report from the FGIS totaled 371,004 MT (13.63 mbu) of wheat shipped in the week ending on October 10. Of that total 86,158 MT was headed to Mexico, with 60,290 MT shipped to Japan. Marketing year sales have totaled 8.98 MMT (330 mbu) so far in the marketing year, which is 33% above the same period last year.

The French soft wheat crop is estimated at 25.43 MMT according to the country’s farm ministry, a drop of 1.35 MMT from their previous month

Dec 24 CBOT Wheat  closed at $5.79 1/2, down 5 3/4 cents, currently down 3 1/2 cents

Mar 25 CBOT Wheat  closed at $6.00 3/4, down 6 1/2 cents, currently down 3 3/4 cents

Dec 24 KCBT Wheat  closed at $5.83, down 7 cents, currently down 3 1/2 cents

Mar 25 KCBT Wheat  closed at $5.98 3/4, down 7 1/4 cents, currently down 3 1/2 cents

Dec 24 MGEX Wheat  closed at $6.16 1/4, down 10 1/4 cents, currently up 1/2 cent 

Mar 25 MGEX Wheat  closed at $6.38, down 9 3/4 cents, currently unch

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.