Wheat Bulls Give Into Weakness on Thursday
Wheat futures extended losses on Thursday, with CBOT, KCBT, and MGEX contracts all closing 7–10 cents lower. The market saw a “sell-the-fact” reaction following the Trump–Xi meeting, where tariff discussions offered no wheat-specific support. Dry weather forecasts across key growing regions added pressure. South Korea tendered for 40,300 MT of wheat, while the EU raised its production estimate to 133.4 MMT, keeping ending stocks unchanged at 10.8 MMT.
The wheat complex was under pressure for much of the Thursday session. CBT soft red wheat futures were 7 to 8 cents lower to round out Thursday trade. KC HRW futures were 9 to 10 cents in the red on Thursday. MPLS spring wheat futures were down 9 to 10 cents in most contracts at the close.
There is likely a little sell the fact type of reaction within the market following the Trump/Xi meeting in South Korea on Wednesday evening. Nothing on wheat specific was mentioned, other than the tariffs being lifted.
Dryness is expected in much of the wheat country in the next week.
South Korea mill importers tendered for 40,300 MT of wheat with a Friday deadline. European Commission raised their EU wheat production total by 0.8 MMT to 133.4 MMT. Ending stocks were left at 10.8 MMT.
Dec 25 CBOT Wheat closed at $5.24 1/4, down 8 cents,
Mar 26 CBOT Wheat closed at $5.40 1/2, down 7 1/4 cents,
Dec 25 KCBT Wheat closed at $5.13, down 9 3/4 cents,
Mar 26 KCBT Wheat closed at $5.29, down 9 cents,
Dec 25 MGEX Wheat closed at $5.51 1/2, down 10 cents,
Mar 26 MGEX Wheat closed at $5.71 3/4, down 9 1/4 cents .
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Source : BarChart
