Wheat Futures Rise Amid Mixed Export Data and Weather Conditions

Wheat futures are trading mostly higher on Monday across the three major exchanges. At midday, Chicago SRW (Soft Red Winter) futures increased by 6 to 7 cents for the front months. Kansas City HRW (Hard Red Winter) contracts are experiencing fractional gains of up to 2 cents, while MPLS (Minneapolis) spring wheat shows midday increases of 5 to 7 cents.

The recent flooding in parts of the SRW region has been followed by a 7-day forecast indicating drier conditions for much of the country, with the exception of certain areas on the East Coast and in the Eastern Corn Belt (ECB).

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Export inspections data recorded a total of 334,888 metric tons (12.3 million bushels) of wheat shipped during the week ending April 3. This reflects a notable decline of 33.12% from the previous week and 35.2% lower compared to the same week last year. Mexico emerged as the largest destination, importing 76,161 metric tons, followed by Japan at 60,797 metric tons, and the Philippines at 56,400 metric tons. For the marketing year that began on June 1, exports reached 17.69 million metric tons (650 million bushels), which is 15.1% higher than the same timeframe last year.

According to the Commitment of Traders report from the CFTC, speculators increased their net short positions in Chicago wheat by 19,453 contracts, bringing the total to 112,040 contracts as of Tuesday. In Kansas City, they added 225 contracts to their net short, totaling 45,675 contracts as of April 1.

• May 25 CBOT Wheat: $5.35 1/2, up 6 1/2 cents
• July 25 CBOT Wheat: $5.49 1/2, up 6 3/4 cents
• May 25 KCBT Wheat: $5.58, up 1/2 cent
• July 25 KCBT Wheat: $5.72, up 2 cents
• May 25 MGEX Wheat: $5.90 3/4, up 6 1/4 cents
• July 25 MGEX Wheat: $6.05 1/2, up 5 3/4 cents

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

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.