The wheat complex has several contracts nearing their respective lows from back in August at midday. Chicago SRW futures are down 7 to 10 cents across most contracts. KC HRW contracts are posting 6 to 7 cent losses in the nearbys. MPLS spring wheat is steady to 5 cents in the red at midday.
The USDA will release their weekly Export Sales report on Friday morning, analysts expecting to see 250,000 to 550,000 MT for the 2024/25 MT. Sales for the 2025/26 MT are seen at 0 to 50,000 MT.
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.
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 is at $5.31 1/4, down 9 3/4 cents,
Mar 25 CBOT Wheat is at $5.48 3/4, down 7 3/4 cents,
Dec 24 KCBT Wheat is at $5.34 1/2, down 6 1/4 cents,
Mar 25 KCBT Wheat is at $5.48, down 6 3/4 cents,
Dec 24 MGEX Wheat is at $5.69 1/4, down 1 3/4 cents,
Mar 25 MGEX Wheat is at $5.88 3/4, down 4 1/2 cents,
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On the date of publication,
Austin Schroeder
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
