Wheat Faces Risk Off Weakness on Wednesday

The wheat complex faced weakness to close out the Wednesday trade. Chicago SRW posted losses of 2 ¾ to 9 ¼ cents on the session. KC HRW futures were down 4 ¾ to 9 ¾ cents across the board on the day. MPLS spring wheat was 2 ½ to 7 ¾ cents in the red at the midweek close.

Traders continue to monitor the Ukraine/Russia conflict as talks with Ukraine’s President Zelenskyy stated the country was ready for a ceasefire on energy targets as long as Russia made a similar move and called for trilateral talks with Trump and Putin.

USDA’s Export Sales report will be out on Thursday, with traders looking for between 350,000 MT and 600,000 MT of wheat bookings in the week of 9/17.

Coceral estimates the UK and EU wheat crops at 137.5 MMT, a 3.3 MMT reduction from their previous number.

Dec 26 CBOT Wheat  closed at $7.08 1/2, down 8 3/4 cents,

Mar 27 CBOT Wheat  closed at $7.24 1/4, down 9 cents,

Dec 26 KCBT Wheat  closed at $7.71 3/4, down 9 1/2 cents,

Mar 27 KCBT Wheat  closed at $7.85 1/2, down 9 3/4 cents,

Dec 26 MIAX Wheat  closed at $7.29 3/4, down 7 1/2 cents,

Mar 27 MIAX Wheat  closed at $7.50, down 7 3/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.