The wheat market posted weakness across the three exchanges so far on Wednesday. Chicago SRW futures were down 4 to 5 cents in the nearbys. KC HRW futures were 2 to 4 cents lower in the front months to close out the midweek session. MPLS spring wheat was 2 to 4 cents in the red on the day.
USDA will release their weekly Export Sales report on Thursday, with traders looking for 200,000-550,000 MT in wheat bookings for 2024/25 in the week of 1/30. Sales for 2025/26 are seen at 0-50,000 MT.
Ag Market Commentary:
All wheat export shipments in December totaled 1.653 MMT (60.73 mbu), a 4-year high for the months. That was up 16.64% from last month and 10.8% larger than last year.
South Korea purchased 85,000 MT of US wheat overnight.
Mar 25 CBOT Wheat closed at $5.72 1/4, down 4 3/4 cents,
May 25 CBOT Wheat closed at $5.84 1/2, down 4 1/4 cents,
Mar 25 KCBT Wheat closed at $5.91 3/4, down 3 cents,
May 25 KCBT Wheat closed at $6.01 1/4, down 2 3/4 cents,
Mar 25 MGEX Wheat closed at $6.18 1/2, down 3 1/4 cents,
May 25 MGEX Wheat closed at $6.28 1/4, down 2 1/4 cents
