Wheat Complex Declines as Futures Struggle to Recover

The wheat complex experienced declines across all three markets on Monday. Futures failed to bounce back from significant overnight losses. Chicago SRW futures fell by 13 to 15 cents, while Kansas City HRW contracts saw decreases of 11 to 14 cents. MPLS spring wheat closed down 8 to 10 cents.

Export Inspections Data Shows Positive Growth

According to Export Inspections data, a total of 646,564 metric tons (23.76 million bushels) of wheat were shipped during the week of April 24. This figure represents a 26.72% increase from the previous week and a 28.6% rise compared to the same week last year. South Korea emerged as the largest destination, importing 147,255 metric tons, while Mexico received 111,779 metric tons. Since June 1, marketing year exports have reached 19.46 million metric tons (715 million bushels), which is 14.85% higher than the same period last year.

Spring Wheat Planting Progress Reported

The weekly Crop Progress report indicated that 30% of the spring wheat crop has been planted. This is ahead of the 5-year average pace of 21%, though it falls short of the 34% estimate. Emergence was recorded at 5%, aligning with normal expectations.

Winter Wheat Crop Shows Improvement

The US winter wheat crop was reported at 27% headed as of April 27, which is 5 percentage points above average. Additionally, winter wheat ratings improved, climbing 4% to 49% classified as good or excellent. The Brugler500 index also increased by 9 points to reach 334.

Market Closing Prices

May 25 CBOT Wheat closed at $5.15 1/2, down 14 1/2 cents.

Jul 25 CBOT Wheat closed at $5.31, down 14 cents.

May 25 KCBT Wheat closed at $5.24 3/4, down 13 1/4 cents.

Jul 25 KCBT Wheat closed at $5.39 3/4, down 11 1/4 cents.

May 25 MGEX Wheat closed at $5.90, down 1 1/4 cents.

Jul 25 MGEX Wheat closed at $5.96 3/4, down 9 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 more information, please view the Barchart Disclosure Policy here.

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