Wheat Fall Double Digits on Monday
Wheat futures posted significant losses across major exchanges on Monday. Chicago SRW fell 13-15 cents, KC HRW dropped 14-16 cents, and MPLS spring wheat declined 15-18 cents. Export reports from the USDA were delayed due to a holiday. Rain is forecasted for parts of the Southern Plains, which may help alleviate dry conditions for some wheat crops
The wheat 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 Tuesday 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,
Mar 25 CBOT Wheat closed at $6.07 1/4, down 14 1/2 cents,
Dec 24 KCBT Wheat closed at $5.90, down 14 1/2 cents,
Mar 25 KCBT Wheat closed at $6.06, down 15 1/4 cents,
Dec 24 MGEX Wheat closed at $6.26 1/2, down 17 1/4 cents,
Mar 25 MGEX Wheat closed at $6.47 3/4, down 16 3/4 cents.
Source Link : https://www.barchart.com/story/news/29031624/wheat-fall-double-digits-on-monday
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