Wheat Extending Losses Towards August Lows
Chicago SRW wheat futures saw losses, with nearby contracts down 7–10 cents, while Kansas City HRW futures declined by 6–7 cents. Minneapolis spring wheat was steadier, down by up to 5 cents. The USDA’s export report is expected to show sales of 250,000–550,000 metric tons for 2024/25, and Japan purchased 114,403 MT of wheat, mostly from the U.S. Strategie Grains projects a 5% EU acreage rise, while SovEcon revised Russia’s 2025 crop forecast up to 81.6 MMT, despite a slight reduction in last year’s estimate.
The wheat complex has several contracts nearing their respective lows from back in August at midday. Chicago SRW futures are down 7 to 10 cents across most contracts. KC HRW contracts are posting 6 to 7 cent losses in the nearbys. MPLS spring wheat is steady to 5 cents in the red at midday.
The USDA will release their weekly Export Sales report on Friday morning, analysts expecting to see 250,000 to 550,000 MT for the 2024/25 MT. Sales for the 2025/26 MT are seen at 0 to 50,000 MT.
Japan purchased a total of 114,403 MT of wheat from the three usual suspects, Australia, Canada, and the US, with 58,046 US specific.
Strategie Grains estimated the EU wheat crop will see a 5% increase in acreage for the coming growing season, though they cited a tough start to planting will leave expected production near the previous year’s total at 114.4 MMT. SovEcon released estimates for last years Russian wheat crop at 51.4 MMT, a slight 0.1 MMT drop from the previous number. For . 2025 crop, they increased expected output by 1.5 MMT to 81.6 MMT.
Dec 24 CBOT Wheat is at $5.31 1/4, down 9 3/4 cents,
Mar 25 CBOT Wheat is at $5.48 3/4, down 7 3/4 cents,
Dec 24 KCBT Wheat is at $5.34 1/2, down 6 1/4 cents,
Mar 25 KCBT Wheat is at $5.48, down 6 3/4 cents,
Dec 24 MGEX Wheat is at $5.69 1/4, down 1 3/4 cents,
Mar 25 MGEX Wheat is at $5.88 3/4, down 4 1/2 cents.
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