The wheat complex is trading with 5 to 7 cent gains so far on Thursday morning. Wheat futures closed out the Wednesday session with contract in the green. Chicago SRW futures were up 5 1/4 to 11 1/4 cents on the day. KC HRW contracts were 4 ¾ to 10 cents higher across the board. MPLS spring wheat was up 4 ½ to 5 ½ cents as the session settled.
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 this morning. Sales for 2025/26 are seen totaling 0 to 50,000 MT.
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. SovEcon estimates Russian 2024/25 winter wheat planted acres have totaled 20.5 million acres so far, down 10.76% from the same time last year. Drier weather is being cited as the reason for the slower pace. The Russian 2024/25 wheat crop is projected at 81.8 MMT according to IKAR, down 0.4 MMT from the previous estimate.
Japan purchased a total of 112,580 MT of wheat in their weekly tender from Australia, Canada, and the US, with 64,510 MT US specific. China set their 2025 import tariff quota for wheat at 9.64 MMT.
Dec 24 CBOT Wheat closed at $5.89 1/4, up 11 1/4 cents, currently up 5 3/4 cents
Mar 25 CBOT Wheat closed at $6.08 1/4, up 11 cents, currently up 5 3/4 cents
Dec 24 KCBT Wheat closed at $5.81, up 10 cents, currently up 6 1/2 cents
Mar 25 KCBT Wheat closed at $5.95 1/4, up 10 cents, currently up 6 1/2 cents
Dec 24 MGEX Wheat closed at $6.17, up 5 1/4 cents, currently up 7 cents
Mar 25 MGEX Wheat closed at $6.38 1/2, up 5 1/4 cents, currently up 6 1/2 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
