Wheat Market Sees Gains Amid Limited Precipitation Outlook
Wheat prices are rising across major exchanges on Tuesday, reflecting positive momentum. In Chicago, SRW futures have risen by 8 to 9 cents for nearby contracts. Kansas City (KC) HRW futures increased by 6 cents in front-month contracts. Meanwhile, MPLS spring wheat gained 1 to 2 cents. Limited precipitation is expected in the Plains over the coming week, although SRW regions may receive 1-2 inches of rain.
Crop Condition Ratings Release New Insights
Recent State Crop Progress data highlights the conditions of winter wheat across several states: Kansas shows 40% rated good/excellent, with a Brugler500 index rating of 317. Oklahoma’s winter wheat has a 50% good/excellent rating, reflected by a Brugler500 rating of 339. In Texas, the rating drops to 37% good/excellent with a Brugler500 score of 311.
Global Demand and Export Projections
Japan has issued a tender for 96,725 MT of wheat from the U.S. and Canada, with 62,545 MT specifically sourced from the U.S., and offers are due by Thursday. Additionally, South Korea is seeking 50,000 MT of UD wheat, with bids closing Wednesday. SovEcon projects that Russian wheat exports for the 2025/26 period will reach 38.3 MMT, an increase of 1.9 MMT from prior estimates. The European Commission reports that EU wheat exports since July 1 are at 12.5 MMT, a significant decrease from the previous year’s total of 19.76 MMT.
Current Wheat Price Snapshot
Mar 25 CBOT Wheat is priced at $5.75 3/4, marking an increase of 9 cents.
May 25 CBOT Wheat stands at $5.87 1/4, up 8 3/4 cents.
Mar 25 KCBT Wheat is trading at $5.91 3/4, increasing by 6 cents.
May 25 KCBT Wheat is at $6.01 1/4, also rising by 6 cents.
Mar 25 MGEX Wheat holds at $6.18, up 1 1/2 cents.
May 25 MGEX Wheat is priced at $6.26 1/2, which is a 2-cent rise.
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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy
here.
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