Wheat Market Shows Mixed Performance Amid Weather and Export Data

The wheat market experienced a mixed reaction on Thursday, with contracts fluctuating across all three markets. Chicago SRW futures noted slight gains, posting increments ranging from negligible amounts to 2 ¼ cents. In contrast, Kansas City HRW contracts slipped by 2 to 3 cents, although the nearby May contract gained 1 ¾ cents. Meanwhile, MPLS spring wheat saw a decline of 1 to 2 cents, while May closed up 2 ½ cents.

A wetter forecast for portions of HRW and SRW regions is suppressing significant upward movements in the market.

Export Sales and Wheat Ground for Flour

For the week ending April 24, Export Sales totaled 75,005 metric tons (MT), reflecting an increase from the prior week’s net reduction. Among the buyers, Thailand purchased 58,000 MT, while Nigeria secured 39,000 MT. Additionally, new crop sales reached 238,300 MT, falling within the anticipated range of 100,000 to 400,000 MT. South Korea was responsible for 58,000 MT of this total, with another 49,600 MT sold to an unidentified buyer.

During the January-March period, a total of 229.62 million bushels (mbu) of wheat was milled for flour, marking an increase of 3 mbu compared to the same time last year.

Closing Prices

May 25 CBOT Wheat closed at $5.15 1/4, gaining 2 1/4 cents.

Jul 25 CBOT Wheat closed at $5.31, up by 1/4 cent.

May 25 KCBT Wheat finished at $5.16, up 1 3/4 cents.

Jul 25 KCBT Wheat ended at $5.27 1/2, down 2 cents.

May 25 MGEX Wheat was priced at $6.16 1/2, increasing by 2 1/2 cents.

Jul 25 MGEX Wheat closed at $5.95 1/2, down 1 1/2 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 in this article are for informational purposes only. For further details, please review the Barchart Disclosure Policy here.

The views expressed in this article are those of the author and may not reflect the views of Nasdaq, Inc.