Wheat Easing Back Lower on Thursday Morning

Wheat is trading on the lower side of unchanged, with losses across the three exchanges. The wheat markets attempted to pull back higher on Wednesday, though contracts slipped lower by the close.

CBOT soft red wheat futures were down 1 to 2 cents on the session. Some rotation of ownership was noted, with open interest increasing by just 141 contracts. KC HRW futures were fractionally lower at midweek, with open interest rising by 625 contracts. Meanwhile, MPLS spring wheat futures experienced losses of 2 to 3 cents on the day.

Looking ahead, the next week is expected to bring a drier weather pattern to the Southern Plains. Light precipitation totals will move east, while heavier amounts of 1-2 inches are forecasted in the Soft Red Wheat (SRW) area.

Please note, the USDA will not release their weekly Export Sales report this week (scheduled for Friday) due to the Monday holiday. Wheat sales for the week of October 9 are estimated to range between 300,000 to 650,000 metric tons (MT).

Here are the latest futures prices as of the close:

– Dec 25 CBOT Wheat closed at $4.98 3/4, down 1 1/2 cents, currently down 3 cents
– Mar 26 CBOT Wheat closed at $5.15 3/4, down 1 cent, currently down 2 3/4 cents
– Dec 25 KCBT Wheat closed at $4.88 1/4, down 1/4 cent, currently down 3 1/4 cents
– Mar 26 KCBT Wheat closed at $5.08 3/4, down 1/2 cent, currently down 3 cents
– Dec 25 MGEX Wheat closed at $5.51, down 2 1/2 cents, currently down 1 1/2 cents
– Mar 26 MGEX Wheat closed at $5.71 3/4, down 2 3/4 cents, currently down 1 1/4 cents

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Disclaimer: On the date of publication, Austin Schroeder did not hold positions (either directly or indirectly) in any of the securities mentioned in this article. All information provided is for informational purposes only. For more details, please view the Barchart Disclosure Policy.

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*The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.*
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