Wheat Falls Further into the Close, as Spring Wheat Collapses
Wheat futures declined sharply: CBOT down 7–8 cents, KC HRW off 4–7½ cents, and MGEX spring wheat tumbling 13–15¼ cents. Analysts expect U.S. weekly export sales at 400,000–700,000 MT. Ukraine’s 2025 crop seen at 21.8 MMT, below USDA’s 22 MMT. Canada’s updated wheat output forecast arrives Thursday.
The wheat market continues to be under pressure, with contracts falling across all three markets. CBT soft red wheat futures were 7 to 8 cents lower at the close. KC HRW futures closed with Wednesday losses of 4 to 7 ½ cents. MPLS spring wheat collapsed late in the day, down 13 to 15 ¼ cents on the session.
Ahead of the Thursday Export Sales report, analysts estimate a total of 400,000 MT to 700,000 MT of wheat sold in the week ending on August 21.
A Ukrainian farm union estimates the country’s wheat crop for 2025 at 21.8 MMT, which would be down from 22.7 MMT last year and is slightly below the 22 MMT estimate from USDA earlier this month. Canadian data will be updated on Thursday morning, with analysts looking for wheat production to be in a range of 34.2 to 37.2 MMT, compared to the 34.4 MMT in August.
Sep 25 CBOT Wheat closed at $5.02 1/4, down 7 1/4 cents,
Dec 25 CBOT Wheat closed at $5.24 1/4, down 7 1/2 cents,
Sep 25 KCBT Wheat closed at $4.85 1/2, down 7 1/2 cents,
Dec 25 KCBT Wheat closed at $5.13, down 4 3/4 cents,
Sep 25 MGEX Wheat closed at $5.51, down 15 1/4 cents,
Dec 25 MGEX Wheat closed at $5.77 3/4, down 13 cents .
To Read more about Wheat News continue reading Agriinsite.com
Source : BarChart
