CBOT Wheat Market Closes Lower on Wednesday
Wheat futures extended their weakness on Wednesday. Chicago SRW wheat contracts closed down 1 to 11.25 cents. Kansas City HRW wheat futures posted losses of 2 to 7.5 cents, while Minneapolis spring wheat futures declined by 2.75 to 9.25 cents across the board.
According to reports, Russia has allowed the first few grain vessels to pass through the Kerch Strait for the first time since July. The vessels will be accompanied by Russian naval ships for security.
The USDA’s Export Sales report will be released on Thursday morning. According to a Reuters survey, old-crop wheat export sales for the week ending October 22 are expected to range from 200,000 to 500,000 metric tons. Bookings for the 2027/28 marketing year are projected at 0 to 50,000 metric tons.
According to the National Oceanic and Atmospheric Administration’s (NOAA) seven-day quantitative precipitation forecast, the U.S. Plains could receive 1 to 2 inches of rainfall next week. The rainfall is also expected to extend into parts of the soft red winter wheat-producing region.
