Wheat Market Sees Gains as Exports Surge and Crop Progress Improves
The wheat market concluded Monday with bullish momentum. Chicago SRW futures recorded gains of 4 cents in the nearby contracts, while Kansas City HRW contracts climbed 6 to 7 cents. Minneapolis spring wheat futures rose significantly, with increases of 11 to 13 cents.
Recent Export Data Highlights Strong Demand
Export Inspections data from the week of May 15 showed a total of 423,785 metric tons (15.57 million bushels) of wheat shipped. This figure marks a 4.59% increase from the previous week and is 85.06% higher than the same week last year. Japan emerged as the largest market, receiving 123,562 metric tons, while Mexico accounted for 72,551 metric tons. Since June 1, total marketing year exports reached 20.702 million metric tons (760.7 million bushels), reflecting a 15.69% increase compared to the same timeframe last year.
Crop Progress Report Indicates Strong Planting Rates
According to the Weekly Crop Progress report, 82% of the spring wheat crop has been planted, significantly ahead of the average pace of 65%. The emergence rate is currently at 45%, surpassing the normal rate of 34%. Additionally, winter wheat is 64% headed, which is 6 percentage points faster than average. However, conditions slipped by 2% to 52% good/excellent, with the Brugler500 index down to 336.
International Purchases Reflect Global Demand
In international markets, South Korean mills obtained 50,000 metric tons of U.S. wheat, while Saudi Arabia tendered for a total of 621,000 metric tons.
Wheat Futures Closing Prices
Jul 25 CBOT Wheat: closed at $5.29, up 4 cents.
Sep 25 CBOT Wheat: closed at $5.43, up 4 cents.
Jul 25 KCBT Wheat: closed at $5.22 3/4, up 6 1/4 cents.
Sep 25 KCBT Wheat: closed at $5.36 1/2, up 6 cents.
Jul 25 MGEX Wheat: closed at $5.85 1/2, up 12 1/4 cents.
Sep 25 MGEX Wheat: closed at $5.98 3/4, up 11 1/2 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For further details, please view the Barchart Disclosure Policy.
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