Wheat Futures Decline as Spring Planting Progresses

Wheat futures are continuing their downward trend on Tuesday morning. The market has retraced most of the gains made on Friday, with losses reported across all three exchanges on Monday. Specifically, Chicago SRW futures dropped 8 to 9 cents in the front months by the end of the session. Kansas City HRW contracts noted losses of 12 to 13 cents, while MPLS spring wheat fell by 9 to 11 cents at the close.

Current Crop Progress and Condition Statistics

The weekly Crop Progress report from NASS indicated that the US spring wheat crop is currently 7% planted, consistent with the 5-year average. Meanwhile, the winter wheat crop is also at 8% planted, keeping pace with historical trends. The condition rating for the winter wheat crop has declined slightly, with a 1% drop to 47% rated as good/excellent. Notably, the Brugler500 index rose 1 point to 329, reflecting a 2% shift out of the poor and very poor categories.

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Export Inspection Data

USDA’s Export Inspections report revealed that a total of 604,461 metric tons (22.21 million bushels) of wheat was shipped during the week ending April 10. This figure represents an 80.4% increase from the previous week but is down 2.53% compared to the same week in 2024. Mexico was the primary destination, receiving 130,058 metric tons, followed by Japan, which imported 83,533 metric tons. Cumulatively, shipments for the marketing year have reached 18.295 million metric tons (672.2 million bushels), marking a 14.42% rise from the same period last year.

Wheat Futures Closing Prices

May 25 CBOT Wheat closed at $5.47 1/2, reflecting a decrease of 8 1/4 cents, with a current decline of 3 cents.

Jul 25 CBOT Wheat closed at $5.61 3/4, down 8 1/2 cents, and is currently down 3 cents.

May 25 KCBT Wheat settled at $5.55 1/4, a decline of 12 3/4 cents, currently down 6 cents.

Jul 25 KCBT Wheat closed at $5.70 1/4, down 13 cents, currently down 5 1/2 cents.

May 25 MGEX Wheat finished at $6.04 3/4, down 10 1/4 cents, and is currently down 3 cents.

Jul 25 MGEX Wheat closed at $6.19, a drop of 9 1/2 cents, currently down 2 cents.

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