Wheat Prices Rise: Acreage Cuts Drive Market Momentum
Wheat prices maintained their upward trend into Tuesday’s close, following a strong performance on Monday fueled by acreage reductions. Chicago SRW futures rose by 3 to 4 cents by the end of the day. Meanwhile, Kansas City HRW contracts surged 6 to 9 cents, and MPLS spring wheat saw increases of 2 to 4 cents in nearby contracts at the final bell.
State Crop Progress Reports
Recent state Crop Progress reports indicated that Kansas winter wheat remained steady at 49% rated good/excellent, with a Brugler500 index unchanged at 334. In Texas, wheat ratings decreased by 5%, landing at 26% good/excellent, reflecting a 3-point drop in the Brugler500 index to 285. The national Crop Progress reports from NASS are scheduled to begin next Monday. It’s anticipated that precipitation will benefit a significant portion of the Southern Plains and SRW regions in the upcoming week.
Export Trends and Market Dynamics
As for export performance, EU soft wheat shipments for the marketing year starting last July have reached 15.68 million metric tons (MMT), sharply lower than the 24.54 MMT shipped in the same week last year. Additionally, Ukraine has set its 2024/25 wheat export restriction at 16.2 MMT for the marketing year concluding in June, with approximately 13 MMT already shipped.
Wheat Market Closing Prices
May 25 CBOT Wheat closed at $5.40 1/2, up 3 1/2 cents.
Jul 25 CBOT Wheat closed at $5.53 3/4, up 3 1/4 cents.
May 25 KCBT Wheat closed at $5.65 1/4, up 8 1/4 cents.
Jul 25 KCBT Wheat closed at $5.76 3/4, up 6 3/4 cents.
May 25 MGEX Wheat closed at $5.94, up 2 cents.
Jul 25 MGEX Wheat closed at $6.10, up 3 1/4 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in 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.
More news from Barchart
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
