Wheat is starting the week with more losses, as the wheat complex experienced declines across all three markets on Friday. This downturn was influenced by spillover pressure from the broader commodity complex. CBT soft red wheat futures recorded losses of 8 to 9 cents, with December futures closing 16 ¾ cents lower. Notably, new selling interest emerged, reflected in an increase of 14,668 contracts in open interest. Meanwhile, KC HRW futures also faced losses, ranging from 6 to 7 cents, with December futures dropping another 14 cents over the week. MPLS spring wheat futures closed down by 5 to 6 cents, with December slipping back 8 cents last week.
Looking ahead, winter wheat planting is expected to approach completion in the coming weeks, as the forecast for the next seven days indicates dry conditions across much of the growing region.
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For the current crop, SovEcon estimates production to total 87.8 MMT, marking a 0.6 MMT increase from previous estimates. Additionally, the French winter wheat crop is reported to be 5% planted as of October 6, according to FranceAgriMer.
Dec 25 CBOT Wheat closed at $4.98 1/2, down 8 cents, and is currently down 3 1/2 cents.
Mar 26 CBOT Wheat closed at $5.15 1/4, down 8 3/4 cents, and is currently down 3 3/4 cents.
Dec 25 KCBT Wheat closed at $4.83, down 6 3/4 cents, and is currently down 2 3/4 cents.
Mar 26 KCBT Wheat closed at $5.04 1/2, down 6 3/4 cents, and is currently down 2 3/4 cents.
Dec 25 MGEX Wheat closed at $5.52 3/4, down 5 1/4 cents, and is currently down 3/4 cent.
Mar 26 MGEX Wheat closed at $5.72, down 5 1/4 cents, and is currently down 3/4 cent.
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.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
