Wheat is extending the slide into Thursday morning as bulls can’t catch much of a bid. The wheat complex continued their slide this week, the three markets falling lower on the midweek session. Chicago SRW futures were down 9 ½ to 11 ¼ cents on Wednesday. CME showed preliminary open interest up 24,755 contracts across the CBT market, with December the lone exception, down 11,409 contracts. KC HRW contracts posted 4 to 6 ½ cent losses on the day. Preliminary open interest was up 16,131 contracts across all but the December contracts, which was down 10,109. MPLS spring wheat was 5 ¼ to 8 cents in the red to close the day. A stronger US dollar index continues to plague the market, up another 475 points on the day.
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.
Japan purchased a total of 114,403 MT of wheat from the three usual suspects, Australia, Canada, and the US, with 58,046 US specific.
The Rosario Grain Exchange estimates the Argentina wheat crop at 18.8 MMT, a 0.7 MMT decrease from the previous estimate. Strategie Grains estimated the EU wheat crop will see a 5% increase in acreage for the coming growing season, though they cited a tough start to planting will leave expected production near the previous year’s total at 114.4 MMT. SovEcon released estimates for last years Russian wheat crop at 51.4 MMT, a slight 0.1 MMT drop from the previous number. For . 2025 crop, they increased expected output by 1.5 MMT to 81.6 MMT.
Dec 24 CBOT Wheat closed at $5.41, down 11 1/4 cents, currently down 3 cents
Mar 25 CBOT Wheat closed at $5.56 1/2, down 10 1/2 cents, currently down 3 ¼ cents
Dec 24 KCBT Wheat closed at $5.40 3/4, down 5 3/4 cents, currently down 3 ¼ cents
Mar 25 KCBT Wheat closed at $5.54 3/4, down 6 cents, currently down 3 ½ cents
Dec 24 MGEX Wheat closed at $5.71, down 6 3/4 cents, currently up 1 ½ cents
Mar 25 MGEX Wheat closed at $5.93 1/4, down 7 1/4 cents, currently down 1 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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