Wheat Market Sees Mixed Trading as Crop Reports Impact Prices

On Wednesday morning, the wheat complex is experiencing lower trade across the three major exchanges. Following Monday’s strength due to an acreage cut, wheat maintained gains into Tuesday’s close. Chicago SRW futures increased by 3 to 4 cents during the day, while Kansas City HRW contracts ended 6 to 9 cents higher. Notably, preliminary open interest rose by 4,973 contracts on Tuesday. MPLS spring wheat also edged up by 2 to 4 cents by the end of trading.

Regional Crop Progress reports revealed steady conditions for Kansas winter wheat, which remained at 49% rated good/excellent. The Brugler500 index for Kansas held steady at 334. In contrast, Texas saw a 5% decline, with only 26% of its wheat crop rated good/excellent, and a corresponding drop of 3 points on the Brugler500 index, now at 285. Weekly NASS national Crop Progress reports are set to begin next Monday, with precipitation forecasted to impact a significant area of the Southern Plains and SRW regions over the upcoming week.

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As for exports, EU soft wheat shipments for the marketing year beginning last July have reached 15.68 million metric tons (MMT), which is significantly lower than the 24.54 MMT shipped during the same period last year. Additionally, Ukraine has announced it will maintain its 2024/25 wheat export restriction at 16.2 MMT for the marketing year ending in June, with approximately 13 MMT already shipped.

In terms of closing prices, here are the latest figures:

• May 25 CBOT Wheat closed at $5.40 1/2, up 3 1/2 cents, currently down 7 1/2 cents.
• Jul 25 CBOT Wheat closed at $5.53 3/4, up 3 1/4 cents, currently down 6 3/4 cents.
• May 25 KCBT Wheat closed at $5.65 1/4, up 8 1/4 cents, currently down 1 1/4 cents.
• Jul 25 KCBT Wheat closed at $5.76 3/4, up 6 3/4 cents, currently down 1 1/2 cents.
• May 25 MGEX Wheat closed at $5.94, up 2 cents, currently down 4 cents.
• Jul 25 MGEX Wheat closed at $6.10, up 3 1/4 cents, currently down 4 1/2 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. The information and data provided in this article are intended solely for informational purposes. For more details, please review the Barchart Disclosure Policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.