**Wheat Prices and Export Inspections Report – April 3, 2023**
Wheat markets showed mixed performance on Tuesday, April 3, with winter wheat contracts rising while spring wheat contracts fell. Chicago SRW futures increased by up to 2.75 cents, while KC HRW futures dropped by 6 to 7 cents. The Kansas Crop Progress report indicated a decline in winter wheat conditions, now at 40% rated as good/excellent, reflecting a 6% decrease.
The Export Inspections report revealed 364,219 metric tons (13.38 million bushels) of wheat shipped in the week of March 26, marking a 20.73% increase from the previous week and 27.38% larger than the same week last year. Japan was the top destination, receiving 107,579 metric tons, followed by Nigeria and Mexico with 90,290 metric tons and 85,263 metric tons, respectively. The total wheat shipped this marketing year stands at 20.295 million metric tons (745.72 million bushels), which is 16.7% above the same period last year.
Looking ahead, March Intentions data is expected to show a wheat acreage of 44.79 million acres, a reduction of 544,000 acres from the previous year, while estimated grain stocks are projected at 1.31 billion bushels, an increase of 73 million bushels year-over-year.
