Wheat Futures Decline as Planting Progress Shows Mixed Signals

The wheat market experienced losses on Monday across all three major exchanges. Chicago SRW futures fell by 10 to 11 cents at the close for the front months. Kansas City HRW contracts declined by 6 to 7 cents, while MPLS spring wheat saw a decrease of 5 to 7 cents across the same timeframe.

Spring Wheat Planting and Emergence Rates

According to the weekly Crop Progress report, 17% of the spring wheat crop is now planted, which is ahead of the 5-year average of 12%. The emergence rate stands at 2%, aligning with the typical pace. Additionally, as of April 20, the US winter wheat crop is reported to be 15% headed, exceeding normal by 2 percentage points. However, winter wheat ratings have dropped by 2%, with only 45% rated good or excellent; this is reflected in a decrease of 4 points in the Brugler500 index, which is now at 325. Precipitation is expected across several Plains states, spanning from Texas to South Dakota in the coming week.

Export Insights from USDA Reports

The USDA’s Export Inspections report revealed that a total of 510,250 metric tons (18.75 million bushels) of wheat were shipped in the week ending April 17. This figure marks a decline of 16.55% from the preceding week but shows an increase of 13.31% compared to the same week in 2024. Vietnam ranked as the top destination, receiving 133,547 metric tons, while Mexico imported 89,273 metric tons and the Philippines took in 64,683 metric tons. Cumulatively, marketing year shipments have reached 18.81 million metric tons (691.24 million bushels), reflecting a 14.43% increase year-over-year.

Trader Positions in Crude and Wheat Markets

According to the Commitment of Traders data, speculators decreased their net short positions in CBT wheat futures and options by 5,693 contracts, bringing the total to 96,439 contracts as of Tuesday. In the Kansas City wheat markets, the net short position is now at 47,372 contracts, down by 2,462 contracts during the week of April 15.

Closing Prices for Wheat Futures

May 25 CBOT Wheat closed at $5.38 1/2, down 10 1/4 cents.

July 25 CBOT Wheat closed at $5.52 1/4, down 10 cents.

May 25 KCBT Wheat closed at $5.50 3/4, down 6 3/4 cents.

July 25 KCBT Wheat closed at $5.63 3/4, down 6 1/4 cents.

May 25 MGEX Wheat closed at $6.00, down 6 1/4 cents.

July 25 MGEX Wheat closed at $6.14, down 5 1/4 cents.

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data presented are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are solely those of the author and do not necessarily represent those of Nasdaq, Inc.