Grains decrease in price on Thursday, specifically wheat.
The wheat market has seen a series of decreases in prices over the past few weeks, with the Kansas City Board of Trade (KCBT) wheat currently standing at $5.33 1/4, a decrease of 4 cents from the previous week. This follows a similar trend on December 25, where KCBT wheat was at $5.11 3/4, a decrease of 4 1/2 cents.
The Minneapolis Grain Exchange (MGEX) wheat also experienced a drop, with prices at $5.92 1/2 on March 26, a decrease of 2 cents, and $5.73 on December 25, a decrease of 1 cent. Chicago Board of Trade (CBOT) wheat followed suit, with the Mar 26 price at $5.43, down 3 1/4 cents, and the Dec 25 price at $5.25, down 3 1/4 cents.
Corn Belt Hard Red Winter (HRW) futures and Soft Red Winter (SRW) futures also saw declines, with HRW futures down 4 to 5 cents on Thursday and SRW futures down 3 to 4 cents. The spring wheat futures on the Minneapolis Exchange (MPLS) were trading with 1 to 2 cent losses at the midday portion of the session.
Despite the price drops, the wheat complex remains weaker on Thursday. The weekly Export Sales report from this morning was 377,459 MT, a 3-week high, indicating strong demand for US wheat. This demand was further evidenced by a South Korean mill importer's purchase of 30,000 MT of US wheat overnight.
The weekly Export Sales report is 53.23% above the same week in 2024, suggesting a robust market for US wheat exports. The combined wheat crop of the EU and UK is estimated to be 147.4 MMT, an increase of 4.3 MMT from June. However, the state expected to have the highest wheat sales volumes between December 25 and March 26, 2025, considering current prices on CBOT, KCBT, and MGEX, is not publicly available or specified.
In conclusion, while wheat prices have seen a dip in the past few weeks, the strong export sales and demand indicate a resilient market. The specific state with the highest sales volumes for the given period remains to be seen.
Read also:
- The Cost of Speech is Zero, True Strength Lies in Unity
- Aiming to simplify the move towards cleaner automobiles, the newly established ministry plans to take direct action with Pannier-Runacher, Létard, and Vautrin at the helm.
- "The imperfect yet essential documentary, "Planet of the Humans," raises challenging and uncomfortable inquiries"
- Exciting Escapades of Tintin
