Grain Surprise: Wheat Collapse Occurs on Wednesday
The wheat markets experienced a decline in prices over the past week, with various futures contracts, including dow futures, stock futures, and dow jones futures, posting losses. On December 25, the CBOT Wheat closed at $5.28 1/4, down 5 3/4 cents, while the KCBT Wheat closed at $5.16 1/4, a drop of 7 1/4 cents. The CBT soft red wheat futures also posted losses, with a decrease of 5 to 6 cents. Similarly, the MGEX Wheat closed at $5.74, down 2 1/2 cents on the same day.
Looking ahead to the week of September 11, analysts anticipate between 300,000 MT and 650,000 MT in wheat exports. However, the institution that made the forecast for U.S. wheat export volumes during the weekend of September 9 to 15, 2021, is not explicitly mentioned in the provided search results.
Meanwhile, export activities are underway, with a South Korean mill importer tendering to purchase 30,000 MT of US wheat, due on Thursday.
In other news, French wheat ending stocks are estimated at 3.64 MMT, a 0.23 MMT drop from last month's estimate. French wheat exports outside of the EU are estimated at 7.85 MMT, up 0.35 MMT from the previous number.
Canada's wheat production for the year is estimated to have increased by 1.9%, with Canadian wheat production being estimated at 36.62 MMT. Spring wheat output in Canada is seen up 0.3% versus 2024 at 26.608 MMT.
The weekly Export Sales report for wheat is scheduled for publication on Thursday morning.
It is important to note that all information and data in this article is for informational purposes only. No positions in securities mentioned in this article are held by Austin Schroeder at the date of publication. For more information, view the website Disclosure Policy here.
The KC HRW futures fell back 7 to 8 cents, while MPLS spring wheat futures were down 2 to 3 cents in the nearbys. Mar 26 KCBT Wheat closed at $5.37 1/4, down 7 cents, and Mar 26 MGEX Wheat closed at $5.95 1/2, down 2 1/4 cents.
Stay tuned for more updates on the wheat markets.
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