Wheat markets are experiencing slight weakness as of Friday, with KC HRW futures leading a previous rally that saw gains between 10 ½ to 29 ¼ cents. Chicago SRW futures also rose by 10 to 13 ¼ cents, although open interest decreased by 10,382 contracts, mainly in the May contract. Current close prices show May 26 CBOT Wheat at $6.10 ¾ (up 11 ½ cents), while KC futures closed at $6.66 ¾ (up 29 cents).
In the weekly export report, old crop sales amounted to 129,022 MT for the week ending April 16, up from the prior week; Japan was the primary buyer at 59,400 MT. The latest Drought Monitor indicates 70% of the U.S. winter wheat crop is currently experiencing drought conditions, the highest level since 2023. Meanwhile, the International Grains Council adjusted world wheat production estimates down by 1 MMT and increased world ending stocks by 8 MMT to 284 MMT.
