The wheat market is trading with losses at Thursday’s midday trade. Chicago SRW futures are down 3 to 4 cents in the nearby contracts on the day. KC HRW is trading with contracts down fractionally to 2 cents. MPLS spring wheat futures are 2 to 3 cents in the red so far on the session. The markets will be closing at 12:15 pm CST.
The weekly Export Sales report is delayed until Friday as the government offices are closed today for a National Day of Mourning for President Carter’s funeral. Analysts are looking for 150,000 to 500,000 MT of wheat sales in the week ending on January 2.
Ahead of the Winter Wheat Seedings report on Friday, the trade is expecting USDA to show all winter wheat acreage at 33.366 million acres, down 24,000 acres from last year if realized. HRW is expected to be 23.73 million, with SRW at 6.14 million acres and white at 3.49 million acres. December 1 Grain Stocks data will also be released, with the trade looking for 1.565 bbu in wheat stocks. That would be up 144 mbu from last year if realized. The ending stocks projection is expected to be up 4 mbu to 799 mbu.
Taiwan mills purchased a total of 114,650 MT of wheat in their tender from the US overnight.
Mar 25 CBOT Wheat is at $5.33 1/4, down 3 cents,
May 25 CBOT Wheat is at $5.45 1/4, down 3 1/4 cents,
Mar 25 KCBT Wheat is at $5.49 1/2, down 3/4 cent,
May 25 KCBT Wheat is at $5.57 1/2, down 1 3/4 cents,
Mar 25 MGEX Wheat is at $5.82 3/4, down 2 1/4 cents,
May 25 MGEX Wheat is at $5.91, down 2 3/4 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 Barchart Disclosure Policy here. More news from Barchart- Grains and Oilseeds in Q4 and 2024- Where are they Heading in 2025?
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- Wheat: What's Bullish, What's Bearish and What To Watch Next
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
