Wheat Collapses into New Year
Front month wheat futures ended the day with 0.8% to 3.4% in the red. Chicago prices led the way 18 ½ to 21 ¼ cent losses. The HRW futures market was 10 ¾ to 13 cents lower at the close. Spring wheat futures closed 6 ¼ to 8 ½ cent losses.
USDA’s weekly Inspections data showed 273,671 MT of wheat was shipped during the week ending 12/28. That was a 188k MT drop for the week, but compared to just 86k MT during the same week last year. The full year shipment was marked at 9.64 MMT , compared to 11.9 MMT during last season.
Russia’s SovEcon lowered their forecast for old crop wheat exports by 200,000 MT, to 48.6 MMT. Russia’s Ag Ministry reported the 2024 grain crop was 142.6 MMT, a 9.5% decrease from last season’s all-time record. Of that, Russia’s wheat crop totaled 92.77 MMT according to the Ministry.
Mar 24 CBOT Wheat closed at $6.06 3/4, down 21 1/4 cents,
May 24 CBOT Wheat closed at $6.19 1/4, down 20 1/4 cents,
Mar 24 KCBT Wheat closed at $6.29, down 13 cents,
Mar 24 MGEX Wheat closed at $7.15, down 8 1/2 cents,
Source Link: https://www.nasdaq.com/articles/wheat-collapses-into-new-year
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