Wheat futures are trading with gains across the three exchanges on Wednesday. Chicago SRW futures are up 9 to 10 cents on the day. KC HRW are up 7 to 7 ½ cents across the front months. MPLS spring wheat is up 3 cents across the nearby contracts.
All wheat 2024/25 export sales are expected to total 200,000 to 600,000 MT during the week of September 19, ahead of the Export Sales report release tomorrow morning. Sales for 2025/26 are seen totaling 0 to 50,000 MT.
Wheat stocks at the end of the first quarter are expected to be pegged at 1.973 bbu in next Monday’s Grain Stocks report. The survey of estimates by Reuters has a range of 1.794 bbu to 2.09 bbu.
China pegged a 37 MMT per year maximum wheat purchase total for 2025 and 2026 for their price support program on wheat that drops below 119 yuan/kg or ~$9.31/bu. The Buenos Aires Grain Exchange expects the 2024/25 Argentina wheat crop at 18.6 MMT, compared to the USDA’s latest estimate at 18 MMT.
Dec 24 CBOT Wheat is at $5.87 1/4, up 9 1/4 cents,
Mar 25 CBOT Wheat is at $6.06 1/2, up 9 1/4 cents,
Dec 24 KCBT Wheat is at $5.78 1/2, up 7 1/2 cents,
Mar 25 KCBT Wheat is at $5.92 1/4, up 7 cents,
Dec 24 MGEX Wheat is at $6.14 3/4, up 3 cents,
Mar 25 MGEX Wheat is at $6.36 1/4, up 3 cents,
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