The wheat complex is falling back at midday, with futures showing noticeable declines across the board.
CBT soft red wheat futures are down 7 to 8 cents so far. KC HRW futures are 9 to 10 cents lower at midday, while MPLS spring wheat futures have slipped 4 to 5 cents across most contracts on Thursday.
This pullback appears to be a “sell the fact” reaction following the Trump/Xi meeting in South Korea on Wednesday evening. Despite the high-profile nature of the talks, nothing specific to wheat was mentioned other than the tariffs being lifted.
Despite the lack of a USDA data release today, the market is anticipating wheat export business during the week of October 23 to have totaled between 350,000 and 600,000 metric tons. Notably, South Korean mill importers have tendered for 40,300 MT of wheat, with a deadline set for Friday.
Here are midday futures prices as of the report:
– Dec 25 CBOT Wheat: $5.24 ¾, down 7 ½ cents
– Mar 26 CBOT Wheat: $5.40 ¾, down 7 cents
– Dec 25 KCBT Wheat: $5.13, down 9 ¾ cents
– Mar 26 KCBT Wheat: $5.28 ¼, down 9 ¾ cents
– Dec 25 MGEX Wheat: $5.55 ¾, down 4 ¾ cents
– Mar 26 MGEX Wheat: $5.76, down 4 cents
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*Disclaimer:* On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more details, please view the [Barchart Disclosure Policy](#).
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*The views and opinions expressed herein are those of the author and do not necessarily reflect the views or opinions of Nasdaq, Inc.*
https://www.nasdaq.com/articles/wheat-showing-weakness-thursday
