The wheat market posted another round of weakness on Wednesday. Chicago SRW futures were down 8 to 9 cents in the front months at the close. Kansas City HRW contracts saw losses of 4 to 6 cents in the nearby contracts. MPLS spring wheat also extended its slide, with losses of 3 too 4 cents on midweek weakness.
USDA’s Export Sales data will be released on Thursday morning, with traders looking for 2024/25 sales in a range of 0-550,000 MT in the week of 3/20. New crop wheat sales are seen totaling 100,000 to 300,000 MT.
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The next week looks wet for much of SRW country, mainly coming in the weekend to early next week, with main HRW precip limited to parts of central/southern TX.
NASS will report the Mach 1 Grain Stocks data next Monday, with a Bloomberg survey of traders looking for 1.221 bbu of wheat on hand on average. The range is from 1.169 to 1.26 bbu for the March 1 total.
May 25 CBOT Wheat closed at $5.35 1/4, down 8 cents,
Jul 25 CBOT Wheat closed at $5.51, down 8 3/4 cents,
May 25 KCBT Wheat closed at $5.65, down 4 1/4 cents,
Jul 25 KCBT Wheat closed at $5.79 1/4, down 5 1/2 cents,
May 25 MGEX Wheat closed at $5.85 1/4, down 3 1/4 cents,
Jul 25 MGEX Wheat closed at $6.01, down 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.
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