Wheat Market Weakens as US Sales Commitments Fall

The wheat market is showing early signs of weakness on Monday morning, following a mixed performance in the previous session. Chicago Soft Red Winter (SRW) wheat futures were down 1 to 3 ¾ cents, with December contracts falling back 11 cents on the week. This comes despite some buying interest off the lows on Friday, which still resulted in overall losses at the close.

The Kansas City Hard Red Winter (HRW) futures market saw a similar trend, with prices ranging from 1 to 5 ¾ cents lower at the final bell. December contracts dropped by as much as 21 ¾ cents since last Friday. Meanwhile, Minneapolis spring wheat was trading in the red, with prices down 6 ¾ to 8 ¾ cents.

The USDA's Export Sales data shows that US wheat sales commitments are currently at 9.449 MMT, which is a decrease of 31% from last year. This accounts for 45% of the USDA export projection and has an average sales pace of 54%. The outlook remains uncertain due to ongoing conflicts in Ukraine, with the country's agriculture minister stating that there are no signs of a ceasefire on the Black Sea in the near future.