The wheat market extended its downward trend on Wednesday, with losses spreading across key contracts. Chicago SRW wheat futures fell 7 to 8 ½ cents, while KC HRW wheat futures declined 4 to 5 cents. MPLS spring wheat also saw declines of 5 to 6 cents across the front months by midday.
Weather forecasts from NOAA’s 7-day QPF indicate 1-2 inches of rainfall in the Plains, with some areas spilling over into SRW country. This could impact wheat production and contribute to the ongoing price declines.
Key wheat futures prices included Dec 26 CBOT Wheat at $6.01 3/4, down 8 ½ cents, and Mar 27 CBOT Wheat at $6.15 ½, down 7 ½ cents. Dec 26 KCBT Wheat stood at $6.45 ¾, down 4 ¾ cents, while Mar 27 KCBT Wheat was at $6.55 ½, down 4 ½ cents. Dec 26 MIAX Wheat was priced at $6.23 ½, down 5 cents, and Mar 27 MIAX Wheat at $6.41 ¼, down 5 ¼ cents.
The article notes that Austin Schroeder did not hold positions in any of the securities mentioned, and all information is provided solely for informational purposes.