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Wheat Woes: China Buys, Profits Fly, Prices Dip

Wheat Woes: China Buys, Profits Fly, Prices Dip

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This is your Daily Wheat Price Tracker with Vanessa Clark podcast.

Hello everyone, I’m Vanessa Clark, and welcome to the Daily Wheat Price Tracker. Today is November 6th, and we’ve got some important updates on the wheat market that you’re going to want to hear.

Wheat prices took a hit today, with December soft red winter wheat futures closing at five dollars and thirty-five and a half cents per bushel, down nineteen and a quarter cents from yesterday. That’s near the daily low for the session. Hard red winter wheat also slipped, ending at five dollars and twenty-two and a quarter cents, down seventeen and three-quarters cents. Spring wheat was a little different, actually gaining three-quarters of a cent to close at five dollars and fifty-seven cents, which is a bit of a bright spot in an otherwise down day.

So what’s driving these moves? Well, there’s been a lot of profit-taking and some heavy selling pressure in the market. Traders are reacting to news that China has purchased two cargoes of U.S. wheat for December shipment, which is the first time in about a year. This is being seen as a positive sign for trade relations, but so far, the actual impact on prices has been limited. Some traders think this is more of a political move than a sign of a major shift in demand.

The World Bank is also forecasting that wheat prices will stay lower through 2025, thanks to better harvests in key producing countries and lower energy costs. That means we could see more price pressure in the months ahead unless demand picks up.

If you’re a farmer or someone involved in the wheat trade, it’s a good idea to keep an eye on export news and trade policy, especially with the U.S. government shutdown delaying some important reports. For now, it looks like the market is consolidating after a recent run-up, so don’t be surprised if we see more sideways or slightly lower prices in the near term.

Thanks so much for tuning in to the Daily Wheat Price Tracker. Be sure to subscribe so you never miss an update, and I’ll see you next time.

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