Wheat Futures Slide Lower Midweek as Rain Forecasts and Export Data Shape Market Trends

The wheat complex experienced broad losses across the three major exchanges by midday on Wednesday, with Chicago soft red winter (SRW) wheat slipping 9 to 10 cents. Kansas City hard red winter (HRW) futures led the downward momentum, falling 11 to 12 cents, while Minneapolis spring wheat contracts were down 8 to 9 cents.

Meteorological forecasts indicate that winter wheat planting may face delays this week, as 1 to 2 inches of rain are predicted from the Texas panhandle to Kansas over the coming days.

Market participants are now awaiting the United States Department of Agriculture’s (USDA) Export Sales report, scheduled for release on Thursday. Traders are projecting wheat bookings for the week of September 17 to fall between 350,000 metric tons and 600,000 metric tons.

In international news, European Union wheat exports from July 1 to September 20 reached an estimated 6.3 million metric tons (MMT), surpassing last year’s figure of 6.19 MMT. Additionally, Coceral has revised its estimate for the UK and EU wheat crop down to 137.5 MMT, representing a reduction of 3.3 MMT from previous projections.

Dec 26 CBOT Wheat is at $7.08, down 9 1/4 cents,

Mar 27 CBOT Wheat is at $7.23 1/2, down 9 3/4 cents,

Dec 26 KCBT Wheat is at $7.69 3/4, down 11 1/2 cents,

Mar 27 KCBT Wheat is at $7.83 1/2, down 11 3/4 cents,

Dec 26 MIAX Wheat is at $7.27 1/4, down 9 cents,

Mar 27 MIAX Wheat is at $7.49, down 8 3/4 cents,

Source link