International Wheat Market Update

09-Jan-2025 08:14 AM

International Wheat Market Update
South Korean importers privately purchased a total of 125,000 metric tons of wheat overnight, with at least 60,000 metric tons expected to be sourced from the U.S.
Ahead of the USDA's Winter Wheat Seedings Report set for release on Friday, the trade anticipates total winter wheat acreage to be reported at 33.366 million acres, 24,000 acres fewer than the previous year. Estimates suggest HRW (Hard Red Winter) wheat will account for 23.73 million acres, SRW (Soft Red Winter) for 6.14 million acres, and white wheat for 3.49 million acres.
The weekly export sales report has been postponed to Friday as government offices will remain closed on Thursday for a national day of mourning for former President Carter's funeral. Markets will close early on Thursday at 12:15 CST.
Additionally, CME plans to launch Hard Red Spring Wheat futures and options early in Q2 this year, pending regulatory approval.