Wheat is continuing down the path of least resistance, as losses are being shown across all three exchanges. The wheat market continues to be under pressure, with contracts falling across all three markets. CBT soft red wheat futures were 7 to 8 cents lower at the close. Preliminary open interest showed a drop of 14,438 contracts as 13,329 were exiting September ahead of Friday’s first notice day. KC HRW futures closed with Wednesday losses of 4 to 7 ½ cents. Preliminary open interest was down 1,575 contracts. MPLS spring wheat collapsed late in the day, down 13 to 15 ¼ cents on the session.
Ahead of the Thursday Export Sales report, analysts estimate a total of 400,000 MT to 700,000 MT of wheat sold in the week ending on August 21.
A Ukrainian farm union estimates the country’s wheat crop for 2025 at 21.8 MMT, which would be down from 22.7 MMT last year and is slightly below the 22 MMT estimate from USDA earlier this month. Canadian data will be updated on Thursday morning, with analysts looking for wheat production to be in a range of 34.2 to 37.2 MMT, compared to the 34.4 MMT in August.
Sep 25 CBOT Wheat closed at $5.02 1/4, down 7 1/4 cents, currently down 2 1/4 cents
Dec 25 CBOT Wheat closed at $5.24 1/4, down 7 1/2 cents, currently down 2 1/2 cents
Sep 25 KCBT Wheat closed at $4.85 1/2, down 7 1/2 cents, currently unch
Dec 25 KCBT Wheat closed at $5.13, down 4 3/4 cents, currently down 2 1/2 cents
Sep 25 MGEX Wheat closed at $5.51, down 15 1/4 cents, currently up 2 cents
Dec 25 MGEX Wheat closed at $5.77 3/4, down 13 cents, currently down ¾ cent
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.
