Wheat futures displayed varied movements across major exchanges during Monday’s midday trading session. Chicago SRW contracts rose steadily, with prices advancing 1¼ cents, while Kansas City HRW futures declined, closing 2 to 4 cents lower. Minneapolis spring wheat showed mixed results, with front-month contracts inching up by a penny and deferred contracts falling ½ to 3 cents.
Market participants await government reports delayed due to the Columbus Day holiday, with export inspections and crop progress data rescheduled for Tuesday.
Algeria announced a tender to purchase wheat, set to close on Tuesday. APK-Inform revised its 2024 Ukraine wheat production forecast upward by 0.5 million metric tons to 25.5 MMT. Meanwhile, Russia’s IKAR reduced its 2026 wheat crop estimate to 88 MMT, down 2 MMT from its prior projection.
Key wheat futures closed Monday’s session as follows:
Dec 26 CBOT Wheat: $6.72¼ (+1¼¢),
Mar 27 CBOT Wheat: $6.86 (+¾¢),
Dec 26 KCBT Wheat: $7.15¼ (-4¢),
Mar 27 KCBT Wheat: $7.28 (-3¾¢),
Dec 26 MIAX Wheat: $6.96¼ (+1¢),
Mar 27 MIAX Wheat: $7.14¾ (+½¢).
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