Wheat Slipping Weaker on Wednesday
Wheat markets are mostly weaker on Wednesday, with Chicago SRW futures down 3-4 cents, KC HRW steady, and MPLS spring wheat down 4-5 cents. Canadian wheat acreage is expected to rise 2.6% in 2025, driven by spring wheat. Ahead of Thursday’s Export Sales, traders anticipate 275,000-650,000 MT in old crop sales. Algeria is estimated to have purchased 500,000-650,000 MT of wheat.
The wheat market is trading with contracts mostly weaker on Wednesday. Chicago SRW futures are 3 to 4 cents in the red on the day. KC HRW futures are steady at midday. MPLS spring wheat is down 4 to 5 cents. There were 12 deliveries for March CBT wheat futures overnight, with 29 for March KC wheat.
Canadian wheat acreage is expected to be up 2.6% from last year in 2025 at 27.475 million acres, according to Stats Canada planting intentions data from this morning. Much of the increase is estimated from spring wheat, seen at 19.42 million acres, up 2.5% yr/yr with durum steady at 6.36 million acres.
Ahead of the Thursday morning Export Sales release, traders are expecting to see a total of 275,000 and 650,000 MT in old crop wheat sales. Sales for 2025/26 are seen at 0-100,000 MT.
Algeria purchased wheat in a tender on Wednesday, with traders estimating anywhere from 500,000 to 650,000 MT of wheat purchased.
Mar 25 CBOT Wheat is at $5.34, down 7 cents,
May 25 CBOT Wheat is at $5.53 1/2, down 3 1/4 cents,
Mar 25 KCBT Wheat is at $5.58 3/4, down 7 cents,
May 25 KCBT Wheat is at $5.72, unch,
Mar 25 MGEX Wheat is at $5.82 3/4, down 7 1/4 cents,
May 25 MGEX Wheat is at $5.93, down 4 1/4 cents,
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Source : Nasdaq
