Wheat Losses Extend to Wednesday
Wheat futures fell sharply Wednesday, with Chicago SRW down 7–8 cents, KC HRW off 10–11 cents, and Minneapolis spring wheat slipping 13–14 cents. Traders await Thursday’s export sales data (300,000–600,000 MT expected) and Monday’s USDA reports, with analysts projecting 836 million bushels in wheat stocks. Russia’s crop estimate rose slightly to 83 MMT.
The wheat market faded lower on the Wednesday session, with contracts down across the three exchanges. Chicago SRW wheat was 7 to 8 cents lower on the day. KC HRW contracts closed with 10 to 11 cent losses. MPLS spring wheat was down 13 to 14 cents.
Export Sales data will be released on Thursday morning, with analysts estimating wheat sales to total 300,000 to 600,000 MT in the week that ended on 6/19.
USDA will release their quarterly Grain Stocks report on Monday, also the ending stocks for the 2024/25 wheat marketing year. Analysts estimate a total of 836 mbu of wheat on hand on June 1.
Russia’s wheat crop is estimated to total 83 MMT this growing season, according to Sovecon, which was up 0.2 MMT from the previous estimate.
Jul 25 CBOT Wheat closed at $5.28 1/4, down 7 1/2 cents,
Sep 25 CBOT Wheat closed at $5.44 1/2, down 7 1/2 cents,
Jul 25 KCBT Wheat closed at $5.24 1/4, down 10 1/2 cents,
Sep 25 KCBT Wheat closed at $5.39 1/4, down 10 1/2 cents,
Jul 25 MGEX Wheat closed at $6.11 1/2, down 13 1/2 cents,
Sep 25 MGEX Wheat closed at $6.28, down 13 3/4 cents.
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Source : BarChart
