Wheat Prices Rise Amid Crop Progress Reports and Weather Forecasts

Wheat prices are experiencing an upward trend as of Tuesday’s midday trading session. Chicago SRW futures have increased by firm margins, currently up 2 1/4 cents. Kansas City HRW contracts are also performing well, posting gains between 3 to 5 cents. Meanwhile, MPLS spring wheat has recorded increases of 2 to 4 cents in the nearby contracts.

In the upcoming week, precipitation is predicted to affect a significant portion of the Southern Plains and SRW areas, potentially aiding crop growth.

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Individual state Crop Progress reports reveal that Kansas’ winter wheat remains unchanged at 49% rated good to excellent, with a Brugler500 index steady at 334. Conversely, Texas saw a 5% decline, now sitting at 26% rated good to excellent and a 3-point drop on the Brugler500 to 285. Weekly NASS national Crop Progress reports are set to commence next Monday.

Looking at the European market, soft wheat export shipments for the marketing year starting in July have reached 15.68 million metric tons (MMT). This figure significantly lags behind the 24.54 MMT shipped during the same period last year. Additionally, Ukraine has maintained their 2024/25 wheat export restriction at 16.2 MMT for the marketing year that ended in June, having already shipped approximately 13 MMT.

May 25 CBOT Wheat is currently priced at $5.39 1/4, an increase of 2 1/4 cents.

Jul 25 CBOT Wheat stands at $5.52 1/2, up 2 cents.

May 25 KCBT Wheat is trading at $5.62, up 5 cents.

Jul 25 KCBT Wheat is now at $5.73 3/4, marking an increase of 3 3/4 cents.

May 25 MGEX Wheat is quoted at $5.94 1/4, also up 2 1/4 cents.

Jul 25 MGEX Wheat is at $6.10 1/2, reflecting a rise of 3 3/4 cents.

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