The wheat complex experienced ongoing declines on Tuesday, marking another challenging day for the markets. Chicago SRW futures decreased by 5 to 10 cents. Kansas City HRW contracts dropped 8 to 9 cents for nearby deliveries. MPLS spring wheat completed the day with losses of 3 to 5 cents.

According to NOAA’s 7-day Quantitative Precipitation Forecast (QPF), significant rainfall is expected across Kansas and Texas next week, with totals ranging from 1 to over 5 inches.

Spring and Winter Wheat Progress Reports

The latest weekly Crop Progress report indicated that 30% of the spring wheat crop has been planted. This figure surpasses the 21% five-year average but falls short of the 34% estimate. As of April 27, the U.S. winter wheat crop is reported to be 27% headed, which is 5 percentage points ahead of the normal pace. Additionally, winter wheat ratings improved by 4% to 49% classified as good to excellent. The Brugler500 index also rose by 9 points to 334. Notable improvements were recorded in Kansas, with a 16-point increase, Nebraska up 18 points, and Texas up 7 points. In contrast, Arkansas, Colorado, and Michigan did not see similar gains.

European and Russian Export Estimates

The European Commission reported soft wheat exports for the 2024/25 season at 17.467 million metric tons (MMT) from July 1 to April 27. This figure represents a decline of 9.7 MMT compared to the previous year. Additionally, SovEcon adjusted its 2024/25 Russian export estimate upwards by 0.2 MMT, bringing it to 40.7 MMT. The projection for 2025/26 saw an increase of 0.6 MMT to reach 39.7 MMT.

Current Market Closing Prices

May 25 CBOT Wheat closed at $5.05 3/4, a decrease of 9 3/4 cents.

Jul 25 CBOT Wheat closed at $5.25 1/2, down 5 1/2 cents.

May 25 KCBT Wheat closed at $5.15 1/4, falling 9 1/2 cents.

Jul 25 KCBT Wheat closed at $5.31, down 8 3/4 cents.

May 25 MGEX Wheat closed at $6.05, up 15 cents.

Jul 25 MGEX Wheat closed at $5.92 3/4, a decrease of 4 cents.

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

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