Just before the weekend, the signs on the CBoT were glowing red. Weekly export sales data came in at 374,735 tons, at the low end of estimates of 250,000 to 550,000 tons for the old crop in the week ending October 31, 2024. The result is disappointing and marks a 6-week low for sales. In addition, the volume was 8.92% lower than last year. Mexico was the largest buyer with 105,800 tons, followed by an unknown buyer with 73,000 tons. The USDA's forecast for total wheat acreage in the coming season is 46 million acres, compared to 46.1 million acres this year. However, market participants hardly reacted to the announcement. The Russian Ministry of Agriculture estimates the country's wheat production for the 2024 harvest at 83 million tons.
Source
VR AGRAR