On Monday, the wheat complex saw significant gains, with Chicago SRW futures rising by 6 to 11 1/4 cents. KC HRW futures increased by 5 to 12 1/4 cents, while MPLS spring wheat was up by 10 to 13 cents. The open interest decreased by 8,983 contracts, highlighted by a 27,891 contract drop in May.
As of Sunday, winter wheat was reported at 11% headed, surpassing the 5-year average of 7%. However, condition ratings fell to 34% good/excellent, with the Brugler500 index dropping to 295. Meanwhile, spring wheat planting is at 6%, trailing the 7% average pace.
The USDA reported wheat export shipments of 320,797 metric tons (11.79 million bushels) for the week ending April 9, a decrease of 6.44% week-over-week and 47.62% year-over-year. Major destinations included Mexico (113,955 MT), the Philippines (52,812 MT), and Taiwan (55,246 MT). Total marketing year exports for 2025/26 reached 21.026 million metric tons since June 1, marking a 14.64% increase over the previous year.
