Wheats fell alongside the corn and soybean futures to start the new year’s trading. Midday prices have Chicago futures 13 to 15 ¼ cents in the red. KC HRW futures are down by 7 ½ to 11 ¼ cents so far. Spring wheat futures are trading 5 to 6 cents lower.
Russia’s SovEcon lowered their forecast for old crop wheat exports by 200,000 MT, to 48.6 MMT. Russia’s Ag Ministry reported the 2024 grain crop was 142.6 MMT, a 9.5% decrease from last season’s all-time record. Of that, Russia’s wheat crop totaled 92.77 MMT according to the Ministry.
Mar 24 CBOT Wheat is at $6.11, down 17 cents,
May 24 CBOT Wheat is at $6.23 1/4, down 16 1/4 cents,
Mar 24 KCBT Wheat is at $6.29 1/4, down 12 3/4 cents,
Mar 24 MGEX Wheat is at $7.16 1/4, down 7 1/4 cents,
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