On April 23, the wheat market showed gains, with Chicago SRW futures rising up to 13.25 cents and KC HRW futures increasing by up to 8.25 cents. Notably, export inspections reported 365,156 metric tons (MT) of wheat shipped, marking a 29.53% decrease from the previous week and a 43.84% decline year-over-year. The Philippines led as the top destination, receiving 84,898 MT, followed by Japan with 84,134 MT and South Korea with 54,999 MT.
Additionally, U.S. crop progress data indicated that 19% of the spring wheat crop has been planted, lagging 3 percentage points behind the average pace over the past five years. Emergence is currently at 5%, while 34% of the winter wheat crop is headed, which is 13 percentage points ahead of normal. The Brugler500 index for wheat condition remained at 30%, with a slight drop in fair to poor ratings.
In international developments, Saudi Arabia secured 985,000 MT of wheat in their latest tender.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
