Wheat Pressure Continuing at Midday
Wheat futures continued their downward trend, with Chicago SRW, KC HRW, and MPLS spring wheat prices all slipping as of midday Wednesday. Improved planting conditions are forecasted due to rain in the Southern Plains and Eastern U.S., aiding the winter wheat crop, which is now 91% planted with 76% emerged, slightly above the average. In Russia, Rusagrotrans expects a decrease in 2025/26 wheat acreage to the smallest in seven years.
The wheat complex is continuing their slide this week, the three markets heading lower at midday. Chicago SRW futures are down 10 to 11 so far on Wednesday. KC HRW contracts are trading with 5 to 8 cent losses on the day. MPLS spring wheat is 6 to 7 cents in the red at midday.
Rains continue to break into the 7 day forecast, with much of the Southern Plains and Eastern half of the country having 1 to 2 inches expected to fall.
Weekly Crop Progress data showed a total of 91% of the winter wheat planted as of 11/10, with emergence at 76%, both 2 and 3 percentage points above normal. Condition ratings were improved by 3% to 44% gd/ex, with the Brugler500 index up 10 points to 326.
Russia’s Rusagrotrans expects to seek the country’s 2025/26 wheat crop acreage to drop to the smallest since 2018/19 at 15.4 million hectares (38.1 million acres).
Dec 24 CBOT Wheat is at $5.41 1/4, down 11 cents,
Mar 25 CBOT Wheat is at $5.56 1/4, down 10 3/4 cents,
Dec 24 KCBT Wheat is at $5.40 3/4, down 5 3/4 cents,
Mar 25 KCBT Wheat is at $5.53 1/2, down 7 1/4 cents,
Dec 24 MGEX Wheat is at $5.71 3/4, down 6 cents,
Mar 25 MGEX Wheat is at $5.93 3/4, down 6 3/4 cents.
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