Wheat Collapses Lower on Thursday
Wheat futures plunged on Thursday, with Chicago SRW down 17-20 cents, KC HRW losing 13-14 cents, and MPLS spring wheat dropping 12-13 cents. Weekly export sales hit a five-week low at 269,008 MT. The USDA Outlook Forum projects 2025 U.S. wheat acreage at 47 million acres, with stocks at 826 mbu. Russian wheat output is estimated at 81-82 MMT.
The wheat market was in free-fall mode on Thursday, as losses were deep across the three exchanges. Chicago SRW futures were 17 to 20 cents lower at the close. KC HRW futures posted 13 to 14 cent losses on Thursday. MPLS spring wheat was also under pressure, with losses of 12 to 13 cents.
This morning President Trump corrected the statement about an April start date on the Mexico/Canada tariffs, stating he misspoke. The implementation date is still on for next Tuesday and the other reciprocal tariffs going on in April.
Export Sales data for the week that ended on February 20 showed just 269,008 MT in wheat sales reported for 2024/25. That was a 5-week low. Taiwan was the largest buyer of 103,400 NT, with 95,500 MT sold to Mexico. Unknown destinations had 102,300 MT in net reductions, likely switched to a destination. New crop bookings were at just 5,000 MT on the low side of estimates
This morning’s USDA Outlook Forum indicated the 2025 US wheat acreage total at 47 million acres according to the Office of the Chief Economist. That was up 0.9 million acres from last year. Yield was estimated at 50.1 due to a ‘long term linear trend.’ Stocks were forecast at 826 mbu.
Russian wheat production is estimated at 81-82 MMT for 2025 according to IKAR.
Mar 25 CBOT Wheat closed at $5.46 3/4, down 19 1/4 cents,
May 25 CBOT Wheat closed at $5.62 1/2, down 17 1/4 cents,
Mar 25 KCBT Wheat closed at $5.71 1/4, down 13 3/4 cents,
May 25 KCBT Wheat closed at $5.85 1/4, down 13 1/4 cents,
Mar 25 MGEX Wheat closed at $5.87, down 12 1/2 cents,
May 25 MGEX Wheat closed at $6.04 3/4, down 13 cents.
To read more about Wheat News continue reading Agriinsite.com
Source : Nasdaq.com
