Wheat Rounds out Wednesday Mostly Weaker
Wheat closed out the Wednesday session with most contracts lower, as the CBT market was firmer. The rallying US dollar index put some pressure on the market. Chicago SRW futures were within a ¾ cent of unchanged on the day. KC HRW contracts were down 2 1/2 to 3 3/4 cents on Wednesday. MPLS spring wheat was down 4 to 5 cents on the day.
Weekly Export Sales data is expected to show 250,000 to 550,000 MT in old crop wheat sales during the week of 10/31. For new crop sales, estimates are running 0 to 50,000 MT.
Ahead of USDA’s WASDE report on Friday, analysts surveyed by Reuters expect to see very little movement in the US ending stocks projection this month at 813 mbu on average. The range of estimates is 800 to 830 mbu. World stocks for the 2024/25 projection is seen down 0.93 MMT to 256.79 MMT.
South Korea purchased a total of 100,000 MT of wheat split 50,000 MT each from the US and Australia in their tender on Wednesday.
Dec 24 CBOT Wheat closed at $5.73 1/4, up 3/4 cent,
Mar 25 CBOT Wheat closed at $5.91, unch,
Dec 24 KCBT Wheat closed at $5.74, down 2 3/4 cents,
Mar 25 KCBT Wheat closed at $5.85 3/4, down 3 1/4 cents,
Dec 24 MGEX Wheat closed at $6.05 1/2, down 5 cents,
Mar 25 MGEX Wheat closed at $6.27 1/2, down 4 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.