Wheat Market Sees Gains Amid Improved Crop Progress Reports

The wheat market is experiencing a turnaround this Tuesday, with winter wheat futures reflecting gains. At midday, Chicago SRW futures are up by 3 to 4 cents. Overnight, 8 deliveries were issued against May CBT wheat. Similarly, Kansas City HRW futures show gains of 3 to 4 cents at midday, with a total of 3 deliveries against May KC wheat. In contrast, Minneapolis spring wheat futures are reporting losses of 3 to 4 cents at the same time.

Crop Progress Update Highlights Positive Trends

The weekly Crop Progress report indicates that as of Sunday, 66% of spring wheat has been planted—this is notably ahead of the 59% average pace. All reporting states are above the five-year average for this time of year. Additionally, emergence of spring wheat is at 27%, exceeding the normal rate by 8 percentage points. Winter wheat is reported at 53% headed, also faster than the 45% average pace. The condition ratings for winter wheat show 54% classified as good or excellent, an increase of 3% from the previous week. The Brugler500 index improved by 4 points, now standing at 338. State-specific changes reflect mixed results: Nebraska ratings decreased by 18 points, South Dakota dropped by 14, and Kansas fell by 4. Conversely, Texas improved by 17 points, while Oklahoma rose by 14 points.

Annual Hard Red Wheat Tour Kicks Off

Today marks the beginning of the annual Hard Red Wheat Tour through Kansas, providing insights into wheat production in the region.

French and EU Wheat Estimates Revealed

The French Farm Ministry’s latest estimates place the country’s soft winter wheat acreage at 4.57 million hectares (approximately 11.29 million acres), a reduction of 0.4 million hectares (about 100,000 acres) from prior assessments. Additionally, the EU Commission projects wheat exports from the EU for the 2024/25 cycle to be 18.26 million metric tons from July 1 to May 11, a decrease of 9.15 million metric tons compared to the same timeframe last year.

Current Wheat Futures Prices

July 25 CBOT Wheat: $5.18 1/2, up 3 1/4 cents

September 25 CBOT Wheat: $5.32 3/4, up 3 cents

July 25 KCBT Wheat: $5.11 3/4, up 3 3/4 cents

September 25 KCBT Wheat: $5.26 1/4, up 3 1/2 cents

July 25 MGEX Wheat: $5.81, down 3 cents

September 25 MGEX Wheat: $5.94 1/4, down 3 1/4 cents

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information provided is for informational purposes only. For further details, please refer to the Barchart Disclosure Policy here.

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