Wheat Prices Drop on Thursday
Markets are keeping an eye on the wheat complex, with contracts hovering near the unchanged mark at midday. The Chicago SRW futures have taken a hit of 5 to 6 cents in the front months. Overnight, 29 deliveries were issued against May CBT wheat. Kansas City HRW futures are also seeing a decline of 5 to 6 cents thus far today. Minneapolis spring wheat futures are slipping lower by 2 to 3 cents at midday.
The weekly Export Sales report from this morning shows 69,659 MT of wheat sold in the week of 5/1, within the estimated range of net reductions of 100,000 MT and net sales of 150,000 MT. Mexico bought 37,300 MT, while new crop sales exceeded the range of 200,000 and 400,000 MT estimates at a staggering 492,978 MT. This marked a marketing year high for the 2025/26 marketing year and more than doubled the previous week's sales. Unknown destinations purchased a total of 183,500 MT, with 100,800 MT intended for South Korea.
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On Monday, USDA will release the first WASDE for the 2025/26 marketing year, unveiling the balance sheets for both old and new crops. Analysts predict old crop at 850 mbu, a 4 mbu increase, with new crop anticipated at 863 mbu.
Last night, Taiwan mill importers scooped up 99,200 MT of wheat from the US.
Jul 25 CBOT Wheat is at $5.28 3/4, down 5 1/2 cents,Sep 25 CBOT Wheat is at $5.43 1/4, down 5 3/4 cents,Jul 25 KCBT Wheat is at $5.23 3/4, down 5 3/4 cents,Sep 25 KCBT Wheat is at $5.37 3/4, down 6 cents,Jul 25 MGEX Wheat is at $6.00 3/4, down 2 1/4 cents,Sep 25 MGEX Wheat is at $6.12 1/2, down 2 1/2 cents.
While the WASDE report for the 2024/25 U.S. wheat supply and use provided some context, details on the 2025/26 balance sheets have yet to be officially disclosed. The forthcoming May WASDE report will offer a glimpse into new crop balance sheets for 2025/26. Investors and analysts will be closely watching factors such as planting conditions, weather patterns, and global demand trends that may influence new crop outcomes.
- Minneapolis spring wheat futures, a part of the broader wheat complex, are slipping lower by 2 to 3 cents at midday, following the trend seen in other wheat contracts.
- As the USDA prepares to unveil the first WASDE for the 2025/26 marketing year on Monday, analysts predict old crop wheat to be at 850 mbu, a 4 mbu increase, and new crop anticipated at 863 mbu.
- Last night, Taiwan mill importers bought 800,300 MT of wheat from unknown destinations, with 100,800 MT intended for South Korea, as the 2025/26 marketing year continues to see robust demand.
