Wheat Futures Decline Amid Mixed Planting Progress Reports

The wheat market exhibited weakness on Tuesday. Chicago SRW futures showed fractional losses of up to 1 ¼ cents by midday. In Kansas City, HRW contracts dropped between 2 to 4 cents, while MPLS spring wheat experienced declines of 2 to 3 cents.

Spring Wheat Planting Ahead of Average Pace

According to Monday’s Crop Progress report, 17% of the spring wheat crop has been planted—exceeding the 12% five-year average. Only Minnesota and Washington reported below-average planting. Meanwhile, emergence was recorded at 2%, which aligns with normal expectations.

Winter Wheat Condition Shows Decline

The current status of the U.S. winter wheat crop is that 15% is headed as of April 20, which is 2 percentage points above the normal rate. However, ratings for winter wheat fell 2% to 45% good/excellent, with the Brugler500 index decreasing by 4 points to a total of 325.

Increased Soft Wheat Imports in the EU

Data from the EU Commission indicates that the region has imported a total of 16.76 MMT of soft wheat from July 1 to April 20. This figure surpasses last year’s imports of 14.9 MMT.

U.S. Wheat Export Inspections Reflect Growth

The USDA’s Export Inspections report revealed that 510,250 MT (18.75 mbu) of wheat were shipped in the week ending April 17. Cumulatively, marketing year shipments have reached 18.81 MMT (691.24 mbu), reflecting a year-over-year increase of 14.43%.

Current Wheat Futures Prices

May 25 CBOT Wheat is trading at $5.37 1/4, down 1 1/4 cents.

Jul 25 CBOT Wheat is priced at $5.52, down 1/4 cent.

May 25 KCBT Wheat is at $5.48 3/4, down 2 cents.

Jul 25 KCBT Wheat is listed at $5.60 1/4, down 3 1/2 cents.

May 25 MGEX Wheat is trading at $5.97 1/2, down 2 1/2 cents.

Jul 25 MGEX Wheat is priced at $6.11 3/4, down 2 1/4 cents.

On the date of publication, Austin Schroeder did not hold (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 details, please refer to the Barchart Disclosure Policy here.

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