Wheat Market Sees Midday Losses Amid Anticipated Weather Changes

The wheat market is experiencing midday losses this Monday. Specifically, Chicago SRW futures are down 8 to 9 cents. Meanwhile, Kansas City HRW is trading with losses ranging from 6 to 7 cents. In addition, MPLS spring wheat has decreased by 6 to 8 cents across the front months.

Next week, weather forecasts predict precipitation across several Plains states, stretching from Texas to South Dakota. This afternoon traders are awaiting winter wheat ratings, anticipating stable assessments compared to last week.

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The USDA’s Export Inspections report documented a total of 510,250 metric tons (18.75 million bushels) of wheat shipped for the week ending April 17. This figure marks a 16.55% decline from the previous week but reflects a 13.31% increase compared to the same week in 2024. Key destinations included Vietnam with 133,547 metric tons, followed by Mexico at 89,273 metric tons, and the Philippines with 64,683 metric tons. Cumulatively, marketing year shipments have reached 18.81 million metric tons (691.24 million bushels), a rise of 14.43% over the same period last year.

According to the Commitment of Traders data, speculators reduced their net short position in CBT wheat futures and options by 5,693 contracts, bringing the total to 96,439 contracts as of Tuesday. In Kansas City wheat, the net short position stood at 47,372 contracts, down by 2,462 contracts during the week ending April 15.

May 25 CBOT Wheat is quoted at $5.40 1/2, down 8 1/4 cents.

July 25 CBOT Wheat is priced at $5.54 1/4, down 8 cents.

May 25 KCBT Wheat is trading at $5.51 1/4, down 6 1/4 cents.

July 25 KCBT Wheat is at $5.64, down 6 cents.

May 25 MGEX Wheat stands at $5.98 1/4, down 8 cents.

July 25 MGEX Wheat is priced at $6.12 3/4, down 6 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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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