The wheat market saw significant declines across all three major exchanges on Thursday, with prices falling by double digits. Chicago SRW futures dropped between 10 ¾ and 15 ½ cents, with December contracts hitting a 9-month low. KC HRW futures also fell sharply, closing 13 ¼ to 17 ¼ cents lower, while MPLS spring wheat saw losses of 12 ¾ to 14 1/2 cents.
The strength in the US Dollar index, which reached a 19-month high, added pressure to wheat prices. Additionally, peace talks between Russia and Ukraine this week contributed to the downward trend in the market.
Export Sales data, originally scheduled for Thursday, has been pushed back to Friday due to the Veterans Day federal holiday. A Reuters survey of traders anticipates wheat bookings for the week of November 5 to range between 350,000 and 650,000 metric tons for the 2026/27 season, with new crop business expected between 0 and 50,000 metric tons.
Argentina’s wheat production estimate was raised by 0.5 million metric tons to 24.3 million metric tons by the Rosario Grains Exchange. Closing prices for key contracts included Dec 26 CBOT Wheat at $5.84 1/4, down 15 1/4 cents, and Mar 27 CBOT Wheat at $5.99 1/4, down 15 cents.