The wheat market is extending the losses into Thursday’s midday. Chicago SRW futures are down 5 to 6 cents in the front months. Kansas City HRW contracts are 4 to 5 cents lower in the nearbys. MPLS spring wheat is steady at midday, with some fractional losses.
USDA’s Export Sales data was released this morning, showing just 100,325 MT in 2024/25 sales, on the low end of the expected range of 0-550,000 MT in the week of 3/20. Japan was the largest buyer of 72,000 MT, with 53,400 MT sold to Nigeria. There was also 125,500 MT in net reductions for unknown destinations. New crop wheat sales were shy of 100,000 to 300,000 MT estimates, at 11,200 MT.
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Taiwan importers purchased a total of 100,000 MT of US wheat overnight.
May 25 CBOT Wheat is at $5.29 3/4, down 5 1/2 cents,
Jul 25 CBOT Wheat is at $5.45 1/4, down 5 3/4 cents,
May 25 KCBT Wheat is at $5.60 1/2, down 4 1/2 cents,
Jul 25 KCBT Wheat is at $5.74 1/2, down 4 3/4 cents,
May 25 MGEX Wheat is at $5.85 1/4, unch,
Jul 25 MGEX Wheat is at $6.00 3/4, down 1/4 cent,
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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