Wheat Prices Decline Amid Broader Market Losses and Weather Shifts

The wheat market lost most of its recent gains as prices fell across all three exchanges. At the close, Chicago SRW futures dropped by 8 to 9 cents in the front months. Kansas City HRW contracts saw losses of 12 to 13 cents, while MPLS spring wheat fell by 9 to 11 cents.

Weather Forecast and Crop Conditions

Forecasts indicate precipitation over the next week for parts of the Southern Plains, extending from the Texas Panhandle into western Kansas, with heavier totals moving eastward to the Mississippi River.

Crop Progress Report

The latest weekly Crop Progress report from NASS reported that the U.S. spring wheat crop is 7% planted, which aligns with the five-year average. The winter wheat crop is 8% planted, consistent with the average pace as well. Notably, conditions for the winter wheat crop decreased by 1%, standing at 47% rated as good/excellent. The Brugler500 index increased by one point to 329, attributable to a 2% improvement out of the poor/very poor categories.

Export Inspections Update

USDA’s Export Inspections report showed that a total of 604,461 MT (22.21 mbu) of wheat was shipped in the week ending April 10. This figure marks an 80.4% increase from the previous week but is down 2.53% compared to the same week in 2024. Mexico was the leading destination with 130,058 MT, followed by Japan, which received 83,533 MT. Cumulatively, shipments for the marketing year have reached 18.295 MMT (672.2 mbu), reflecting a 14.42% increase from the same period last year.

International Crop Estimates

APK-Inform forecasts Ukraine’s wheat crop will decline by 1% year-over-year to 21.5 MMT, as stated in their Monday release.

Wheat Futures Close

In the latest trading session, the following wheat futures closed:

• May 25 CBOT Wheat: $5.47 1/2, down 8 1/4 cents
• Jul 25 CBOT Wheat: $5.61 3/4, down 8 1/2 cents
• May 25 KCBT Wheat: $5.55 1/4, down 12 3/4 cents
• Jul 25 KCBT Wheat: $5.70 1/4, down 13 cents
• May 25 MGEX Wheat: $6.04 3/4, down 10 1/4 cents
• Jul 25 MGEX Wheat: $6.19, down 9 1/2 cents

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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