Wheat Pushes Higher on Wednesday
Wheat futures closed higher on Wednesday, with Chicago SRW gaining 5 1/4 to 11 1/4 cents, KC HRW up 4 3/4 to 10 cents, and MPLS spring wheat rising 4 1/2 to 5 1/2 cents. Export sales for 2024/25 are expected to reach 200,000 to 600,000 MT. Argentina’s 2024/25 wheat crop is estimated at 18.6 MMT, while Russian winter wheat planting lags due to dry conditions.
Wheat futures closed out the Wednesday session with contract in the green. Chicago SRW futures were up 5 1/4 to 11 1/4 cents on the day. KC HRW contracts were 4 ¾ to 10 cents higher across the board. MPLS spring wheat was up 4 ½ to 5 ½ cents as the session settled.
All wheat 2024/25 export sales are expected to total 200,000 to 600,000 MT during the week of September 19, ahead of the Export Sales report release tomorrow morning. Sales for 2025/26 are seen totaling 0 to 50,000 MT.
The Buenos Aires Grain Exchange expects the 2024/25 Argentina wheat crop at 18.6 MMT, compared to the USDA’s latest estimate at 18 MMT. SovEcon estimates Russian 2024/25 winter wheat planted acres have totaled 20.5 million acres so far, down 10.76% from the same time last year. Drier weather is being cited as the reason for the slower pace.
Dec 24 CBOT Wheat closed at $5.89 1/4, up 11 1/4 cents,
Mar 25 CBOT Wheat closed at $6.08 1/4, up 11 cents,
Dec 24 KCBT Wheat closed at $5.81, up 10 cents,
Mar 25 KCBT Wheat closed at $5.95 1/4, up 10 cents,
Dec 24 MGEX Wheat closed at $6.17, up 5 1/4 cents,
Mar 25 MGEX Wheat closed at $6.38 1/2, up 5 1/4 cents
Source Link : https://www.barchart.com/story/news/28729181/wheat-pushes-higher-on-wednesday
