Unwavering Wheat Prices Struggle to Overcome Midweek Slump

In a recent development, the wheat complex experienced a decrease on Wednesday, with prices dropping across major markets.

The Chicago Board of Trade (CBOT) Wheat closed at $5.22 on December 25, marking a slight decline from previous days. Meanwhile, the Minneapolis Grain Exchange (MGEX) Wheat closed at $5.73 on the same day, down 7 cents.

The Kansas City Board of Trade (KCBT) Hard Red Winter Wheat also saw a decrease, with the September contract closing at $4.82 3/4, down 1/2 cent on September 25. The December contract closed at $5.10 1/4, down 1 cent on the same day.

The nearby contracts of MPLS spring wheat were down 5 to 7 cents as well.

In terms of delivery, another 18 deliveries were issued against September KC wheat, and there were 34 deliveries issued for September wheat on the CBOT.

The weekly Crop Progress report indicated that 72% of the spring wheat crop was harvested by Sunday.

It is important to note that the USDA Export Sales report will be delayed until Friday morning due to the Monday holiday.

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The Kansas City Hard Red Winter Wheat futures were fractionally to a penny lower in the front months, while CBT soft red wheat futures saw losses of 6 to 9 cents. The MGEX Wheat closed at $5.54 1/2 on September 25, down 5 3/4 cents.

These declines in wheat prices may indicate market adjustments due to various factors, which are subject to ongoing analysis and interpretation by market experts.