Wheat Closes Lower on Tuesday

The wheat market fell lower into the Tuesday close. CBT soft red wheat futures were 4 to 5 cents in the red. KC HRW futures posted losses on the day, with contracts to 4 to 5 cents lower. MPLS spring wheat futures were down 3 to 4 cents across the nearbys.

There is 1 to 3 inches of rain across parts of the winter wheat area over the next week, centered in parts of the eastern portions of the Southern Plains. 

Algeria is tendering for 50,000 MT of soft wheat, with a deadline of Wednesday on offers. IKAR estimated the Russian wheat crop at 88 MMT, a 0.5 MMT increase from their prior number. Ukraine’s ag ministry estimates the country’s winter wheat crop at 74% planted. The European Commission estimates the country’s wheat exports at 5.87 MMT as of October 19 since July 1, which is 1.58 MMT below the same week last year

Dec 25 CBOT Wheat  closed at $5.00 1/4, down 4 1/2 cents,

Mar 26 CBOT Wheat  closed at $5.16 1/2, down 5 cents,

Dec 25 KCBT Wheat  closed at $4.85, down 5 cents,

Mar 26 KCBT Wheat  closed at $5.05, down 4 1/2 cents,

Dec 25 MGEX Wheat  closed at $5.45 3/4, down 3 3/4 cents,

Mar 26 MGEX Wheat  closed at $5.65 1/4, down 3 1/4 cents,