Wheat Market Weakens as Crop Progress Shows Mixed Results

On Tuesday, the wheat market experienced a downturn across all three major exchanges. Chicago SRW futures registered losses ranging from 2 to 3 cents. Kansas City HRW contracts fell 4 to 6 cents by the market’s close. Meanwhile, MPLS spring wheat also declined, with prices down by 3 to 5 cents for the session.

The Crop Progress report released on Monday indicated that 17% of the spring wheat crop had been planted, surpassing the 5-year average of 12%. Minnesota and Washington were the only states reported below average planting. Emergence for the crop reached 2%, aligning with historical norms. Additionally, the US winter wheat crop had 15% headed as of April 20, which is 2 percentage points ahead of the typical pace. Winter wheat ratings declined by 2% to 45% classified as good or excellent, while the Brugler500 index fell by 4 points, bringing it to 325. State-specific changes included a decline in Illinois by 21 points, Colorado down 13, South Dakota dropping 11, Kansas down 9, and Oklahoma falling 7 points. Conversely, improvements were noted in Texas (+14), along with Missouri and Montana both up 12 points.

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Data from the EU Commission revealed that soft wheat imports from July 1 to April 20 totaled 16.76 MMT, significantly exceeding last year’s total of 14.9 MMT.

May 25 CBOT Wheat closed at $5.35 1/2, down 3 cents.

Jul 25 CBOT Wheat ended at $5.50 1/4, a decrease of 2 cents.

May 25 KCBT Wheat closed at $5.46, down 4 3/4 cents.

Jul 25 KCBT Wheat settled at $5.58 1/4, a drop of 5 1/2 cents.

May 25 MGEX Wheat finished at $5.95 1/2, down 4 1/2 cents.

Jul 25 MGEX Wheat concluded at $6.10 1/4, falling by 3 3/4 cents.

At the time of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The information in this article is solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy.

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