Wheat Extends Losses on Wednesday as Russia Opens Kerch Strait

The wheat complex extended the weakness to the Wednesday session. Chicago SRW contracts were a penny to 11 1/4 cents in the red at the close. KC HRW futures posted losses of 2 to 7 1/2 cents on the day. MPLS spring wheat was down 2 3/4 to 9 1/4 cents across the board at the close. 

Russia has reportedly permitted the first few grain vessels to pass through the Kerch Strait for the first time since July. Vessels will be accompanied by Russian naval vessels.

Export Sales data will be released on Thursday morning, as traders are looking for between 200,000 MT to 500,000 MT for old crop wheat in the week of 10/22 per a Reuters survey. Bookings for 2027/28 are seen at 0-50,000 MT.

The next week’s forecast from NOAA’s 7-day QPF shows 1-2 inches in the Plains and spilling over to parts of SRW country. 

Dec 26 CBOT Wheat  closed at $5.99, down 11 1/4 cents,

Mar 27 CBOT Wheat  closed at $6.13 1/4, down 9 3/4 cents,

Dec 26 KCBT Wheat  closed at $6.43, down 7 1/2 cents,

Mar 27 KCBT Wheat  closed at $6.53 1/4, down 6 3/4 cents,

Dec 26 MIAX Wheat  closed at $6.20 3/4, down 8 3/4 cents,

Mar 27 MIAX Wheat  closed at $6.37 1/4, down 9 1/4 cents,

On the date of publication, Austin Schroeder did not directly have a position 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.