Wheat Weakens on Thursday

Farmer holds tablet using online data management by artiemedvedev via iStock

Wheat is trading through the Thursday session with losses across the three exchanges. Chicago SRW futures are down 7 to 8 cents on the day. KC HRW contracts are 10 to 11 cents lower across most contracts. MPLS spring wheat is down 7 to 9 cents in the session. 

Forecasts continue to call for rain in much of HRW and SRW country over the next week, easing some drought concerns. 

The weekly Export Sales report from FAS showed all wheat bookings totaling 411,424 MT. That was a 5-week low and on the lower end of  the 300,000 and 600,000 MT estimates. Mexico was the largest buyer of 169,600 MT, with the Philippines purchasing 79,500 MT.

Algeria purchased an estimated 480,000 MT of wheat in their latest tender on Thursday, likely sourced from the Black Sea region. 

Dec 24 CBOT Wheat  is at $5.65 3/4, down 7 1/2 cents,

Mar 25 CBOT Wheat  is at $5.85 3/4, down 7 3/4 cents,

Dec 24 KCBT Wheat  is at $5.64 3/4, down 11 cents,

Mar 25 KCBT Wheat  is at $5.79, down 10 3/4 cents,

Dec 24 MGEX Wheat  is at $6.00 1/4, down 8 3/4 cents,

Mar 25 MGEX Wheat  is at $6.25, down 7 3/4 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.