Wheat Slide Continues into Tuesday
The wheat complex posted another round of losses across the three exchanges on Tuesday. Chicago SRW futures were down 5 to 7 cents on the day. KC HRW contracts were 7 to 8 cents lower. MPLS spring wheat fell another 9 to 11 cents.
A private export sale of 120,000 MT of SRW wheat was reported to Mexico this morning for 2024/25 delivery.
Crop Progress data showed the winter wheat planting pace at 64 complete as of October 13, which is 2% back of the average pace. Emergence was pegged at 35% , vs. the 5-year average pace of 38%.
The weekly Export Inspections report from the FGIS totaled 371,004 MT (13.63 mbu) of wheat shipped in the week ending on October 10. Of that total 86,158 MT was headed to Mexico, with 60,290 MT shipped to Japan. Marketing year sales have totaled 8.98 MMT (330 mbu) so far in the marketing year, which is 33% above the same period last year.
The French soft wheat crop is estimated at 25.43 MMT according to the country’s farm ministry, a drop of 1.35 MMT from their previous month
Dec 24 CBOT Wheat closed at $5.79 1/2, down 5 3/4 cents,
Mar 25 CBOT Wheat closed at $6.00 3/4, down 6 1/2 cents,
Dec 24 KCBT Wheat closed at $5.83, down 7 cents,
Mar 25 KCBT Wheat closed at $5.98 3/4, down 7 1/4 cents,
Dec 24 MGEX Wheat closed at $6.16 1/4, down 10 1/4 cents,
Mar 25 MGEX Wheat closed at $6.38, down 9 3/4 cents,
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.