Wheat Weakness Prevails on Thursday
Wheat prices continued to show weakness on Thursday, with ongoing concerns about global supply and demand dynamics impacting market sentiment. Traders are closely monitoring weather conditions in major producing regions and government policies affecting export and stockpiling strategies. Despite some efforts to stabilize prices, the market sentiment remains cautious amid fluctuating international demand and stock levels.
The wheat market fell lower across the three exchanges to close out the Thursday session. Chicago SRW futures were down 1 1/2 to 2 1/2 cents on the day. KC HRW contracts were 4 to 5 cents lower on Thursday. MPLS spring wheat was steady to 4 cents lower on the day. More heavy rains over the next week in the Southern Plains added pressure.
Weekly Export Sales data showed all wheat sales in the lower half of the 250,000 to 550,000 MT estimates for old crop at 374,735 MT during the week of 10/31. That was a 6-week low for sales and down 8.92% from last year but up 5.77% from the same week last year. Mexico was the largest buyer of 105,800 MT, with unknown in for 73,000 MT.
USDA’s baseline projection for all wheat acreage shows next year’s 2025/26 projection at 46 million acres, compared to 46.1 million this year.
Source Link : https://www.barchart.com/story/news/29465291/wheat-weakness-prevails-on-thursday
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