Wheat Prices Decline Amid Weakness Across Exchanges
On Friday morning, wheat prices continued to fall across the front months following weakness observed on Thursday. Contracts for Chicago SRW dropped between 3¾ and 6¾ cents per bushel, while KC HRW futures lost between 5 and 8½ cents. Spring wheat in Minneapolis also declined by up to 3½ cents. Export sales data showed a three-week high of 325,935 metric tons for the week ending September 10 but remained below last year's levels. The Philippines was the largest buyer with 189,600 MT purchased, followed by Mexico and South Korea. SovEcon estimates suggest that combined wheat exports from Russia and Ukraine in July through September will be significantly lower than the same period last year at just under half of previous volumes. These developments are contributing to downward pressure on prices as global supply concerns ease. Market participants continue monitoring export data, open interest trends, and regional demand patterns for further direction.
Topics: export_sales futures_trading wheat