The wheat complex is trading with losses as the market scrolls through midday. Chicago SRW futures are down 3 to 4 cents thus far on the day. KC HRW contracts are steady to a penny lower across the front months. MPLS spring wheat is down 2 to 3 cents at midday.
All wheat 2024/25 export sales came in at a MY low of 158,938 MT, which came in below the 200,000 to 600,000 MT estimates during the week of September 19. Chile was the largest buyer of 83,000 MT, with the Philippines buying 49,700 MT in that week. Unknown destination cancelled 156,600 MT, with most being switched to a destination. Sales for 2025/26 were tallied at 10,000 MT, in the range of the expected 0 to 50,000 MT.
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 is at $5.86, down 3 1/4 cents,
Mar 25 CBOT Wheat is at $6.05 1/4, down 3 cents,
Dec 24 KCBT Wheat is at $5.80, down 1 cent,
Mar 25 KCBT Wheat is at $5.94 1/4, down 1 cents,
Dec 24 MGEX Wheat is at $6.14 1/2, down 2 1/2 cents,
Mar 25 MGEX Wheat is at $6.36 1/4, down 2 1/4 cents,
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