Wheat Market Shows Weakness Amid Mixed Crop Progress Reports

Wheat is experiencing weakness early Tuesday morning, following a downturn across all three exchanges on Monday. Chicago SRW futures closed down 10 to 11 cents for the front months, with preliminary open interest rising by 1,565 contracts today. Meanwhile, Kansas City HRW contracts dropped 6 to 7 cents on Monday, showing a decline in preliminary open interest of 2,318 contracts, primarily in May. MPLS spring wheat also saw a decrease of 5 to 7 cents across the front months.

Crop Progress Report Insights

According to Monday’s Crop Progress report, 17% of the spring wheat crop has been planted, surpassing the five-year average of 12%. The emergence rate is recorded at 2%, aligning with normal expectations. Additionally, the US winter wheat crop is reported to be 15% headed as of April 20, which is 2 percentage points ahead of the typical rate. However, winter wheat ratings have declined by 2% to 45% classified as good/excellent. The Brugler500 index fell 4 points, now standing at 325. Weather forecasts suggest the upcoming week will bring precipitation across much of the Plains states, from Texas to South Dakota.

USDA’s Export Inspections Data

In the latest USDA Export Inspections report, a total of 510,250 MT (18.75 million bushels) of wheat were shipped in the week ending April 17. This marks a decrease of 16.55% compared to the prior week but represents a 13.31% increase from the same week in 2024. Vietnam emerged as the leading destination, importing 133,547 MT, followed by Mexico with 89,273 MT and the Philippines at 64,683 MT. Cumulative marketing year shipments have reached 18.81 MMT (691.24 million bushels), reflecting an increase of 14.43% compared to the previous year.

Current Market Prices

As of the latest trading data:

• May 25 CBOT Wheat closed at $5.38 1/2, down 10 1/4 cents, currently down 5 cents.
• Jul 25 CBOT Wheat closed at $5.52 1/4, down 10 cents, currently down 4 3/4 cents.
• May 25 KCBT Wheat closed at $5.50 3/4, down 6 3/4 cents, currently down 3/4 cent.
• Jul 25 KCBT Wheat closed at $5.63 3/4, down 6 1/4 cents, currently down 1 3/4 cents.
• May 25 MGEX Wheat closed at $6.00, down 6 1/4 cents, currently up 1/2 cent.
• Jul 25 MGEX Wheat closed at $6.14, down 5 1/4 cents, currently down 3/4 cent.

On the date of publication, Austin Schroeder did not hold (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 more details, please view the Barchart Disclosure Policy.

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