Wheat prices experienced slight losses on Tuesday, following mixed trading across exchanges on Monday. Chicago SRW futures rose by 3.75 to 7.25 cents, while KC HRW futures decreased by 1.5 to 2.5 cents. Open interest fell by 6,458 contracts, largely in May. As of now, the May 26 CBOT Wheat closed at $5.97, while the July 26 CBOT Wheat closed at $6.06.
According to the latest Crop Progress data, as of April 16, U.S. spring wheat is 12% planted, aligned with the average pace over the past five years, and 2% has emerged. The winter wheat crop stands at 20% headed, which is 8 percentage points above the norm; however, condition ratings declined by 4 percentage points to 30%.
In export activity, the week of April 16 saw 518,141 metric tons (19.04 million bushels) of wheat shipped, a 90.19% increase from the previous week and 1.55% larger than the same week last year. The Philippines was the top destination, receiving 96,000 metric tons, followed by Mexico with 91,030 metric tons and Indonesia with 57,799 metric tons.
