Wheat Market Faces Weakness Amid Disappointing Export Sales and Rainfall

The wheat market is expected to experience weakness on Thursday due to various factors. According to the latest data, Chicago SRW futures are showing losses of 4 to 5 ¼ cents, while KC HRW futures are down 7 to 8 ½ cents. The MPLS spring wheat is also down 11 to 12 cents so far on the day.

The USDA's Export Sales report from this morning showed disappointing results, with 267,553 MT of wheat sales in the week of 9/17. This figure falls short of traders' expectations, which ranged between 350,000 MT and 600,000 MT. The low total represents a significant decline, standing at 50.44% below the same week last year.

The upcoming weather forecast is also expected to have an impact on planting progress. NOAA's 7-day QPF shows that the next 7 days will see 2 to 4 inches of rain in the Panhandle of TX to NE, providing much-needed soil moisture but slowing down planting.