Global wheat market sees slight dip

Wheat futures, for a third successive session, made strong early headway in Chicago, only to trade in negative territory in lunchtime deals, with the July-24 contract down by 0.9%.

In London, feed wheat futures for November-24 dipped by 0.9% in late deals, while Paris September-24 milling wheat shed 0.6%.

Weather maps actually turned drier for southern Russia, if giving what rain is expected over the next week more of a bias towards eastern areas, where it is particularly needed.

However, the spell of cold weather appears over, after causing damage which Russian Agriculture Minister Oksana Luth estimated at 830 000 ha., in terms of crop losses. This estimates includes area put down to other crops than wheat.

Meanwhile, ideas of importers buying heavily into the recent rally were undermined by official data showing US wheat export sales last week for 2024/25, as starts next month in the US, of 304 300 t. That was at the low end of the range of market expectations, of 300 000 – 600 000 t, and down by more than 100 000 t week on week.

Separately, a crop tour of the top US wheat-growing state of Kansas showed wheat yields of 42.4 bushels per acre, well above last year’s drought-reduced result of 27.6 bushels per acre.

Tags: wheat, futures, markets, export, weather, US