Wheat Falls Back on Wednesday
Wheat markets saw weakness on Wednesday, with Chicago SRW futures down 1 to 3 3/4 cents in the nearbys and slightly higher in the deferreds. KC HRW contracts fell 2 ¾ to 3 3/4 cents, while MPLS spring wheat futures dropped 3 to 5 cents. The USDA’s upcoming Export Sales data is expected to show wheat sales ranging from 225,000 MT to 550,000 MT for 2024/25. Additionally, South Korea issued a tender for 90,000 MT of wheat from the US and Canada. March 2025 CBOT Wheat closed at $5.41 1/4, while May 2025 CBOT Wheat ended at $5.51 3/4.
Wheat closed out Wednesday with weakness across the three markets. Chicago SRW futures were down 1 to 3 3/4 cents in the nearbys and up slightly in the deferreds. KC HRW contracts were 2 ¾ to 3 3/4 cents lower on the day. MPLS spring wheat futures settled 3 to 5 cents in the red at the close.
The USDA will release Export Sales data on Thursday morning with the trade looking for 225,000 MT to 550,000 MT in wheat sales for 2024/25 and 0-50,000 MT for 2025/26 sales.
A South Korean importer issued a tender of 90,000 MT of wheat from the US and Canada, with 50,000 MT US specific. The FrenchAgriMer expects to see the country’s 2024/25 soft wheat exports at 6.16 MMT within the EU, up 0.26 MMT from last month, with shipments outside the EU seen at 3.5 MMT, down 0.4 MMT from the month prior’s estimate.
Mar 25 CBOT Wheat closed at $5.41 1/4, down 3 3/4 cents,
May 25 CBOT Wheat closed at $5.51 3/4, down 2 3/4 cents,
Mar 25 KCBT Wheat closed at $5.48 3/4, down 3 3/4 cents,
May 25 KCBT Wheat closed at $5.56 3/4, down 3 1/2 cents
To read more about Wheat News continue reading Agriinsite.com
Source : Nasdaq.com
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