The wheat market is continuing the slide that began on July 3 in the Chicago market, apparently bent on re-testing the May low ($5.21 ¼ Sept). At midday, CBT prices are 8 cents per bushel lower. KC contracts are around 5 lower, and MPLS spring wheat is down mostly 4 to 4 ¼ cents. A stronger US dollar index is doing the market no favors as Northern Hemisphere harvest supplies are becoming widely available
USDA released their Export Sales report this morning, with traders looking for 2025/26 wheat bookings in a range of 300,000 to 700,000 MT. Net sales were comfortably within the range of trade estimates at 494,400 MT. Mexico and Venezuela were the leading destinations.
FranceAgriMer estimates soft wheat ending stocks for the French wheat crop at 3.87 MMT, which would be above the 2.33 MMT from last year. The Rosario Grains Exchange estimates the 2025/26 Argentina wheat crop at 20 MMT, vs. the 20.7 MMT reported last year.
Sep 25 CBOT Wheat is at $5.34 3/4, down 6 1/2 cents,
Dec 25 CBOT Wheat is at $5.55, down 6 3/4 cents,
Sep 25 KCBT Wheat is at $5.18 1/2, down 4 1/4 cents,
Dec 25 KCBT Wheat is at $5.41 1/4, down 4 cents,
Sep 25 MGEX Wheat is at $5.95 1/2, down 4 cents,
Dec 25 MGEX Wheat is at $6.16, down 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.
