Wheat Prices Bounce Back Following USDA’s Export Data Release

The wheat market is recovering from the declines seen on Thursday, with contracts across all three exchanges increasing by double digits. The USDA’s recent report provided a more bearish outlook, but Chicago SRW futures have risen by 16 to 18 cents for the front months. Kansas City HRW contracts are also up by 12 to 14 cents, while MPLS spring wheat saw a decline of 13 to 15 cents by market close.

USDA Export Sales Data Insights

According to Thursday’s USDA Export Sales report, total wheat exports stand at 21.55 million metric tons (MMT), which accounts for 96.55% of the USDA’s revised export projection. In comparison, the 5-year average sales pace is 102%. Export shipments currently total 17.3 MMT, representing 77.5% of the USDA’s new forecast and trailing behind the 5-year average pace of 83%.

French Wheat Crop Ratings Update

For additional context, France’s soft wheat crop ratings have been reported at 75% good/excellent, reflecting a slight decline of 1% from the previous week, according to data from FranceAgriMer.

Current Wheat Futures Prices

As of now, the futures prices for wheat are as follows:

• May 25 CBOT Wheat: $5.56, up 18 cents
• Jul 25 CBOT Wheat: $5.70 1/4, up 16 3/4 cents
• May 25 KCBT Wheat: $5.71 3/4, up 13 3/4 cents
• Jul 25 KCBT Wheat: $5.85 1/4, up 12 1/4 cents
• May 25 MGEX Wheat: $6.17, up 15 cents
• Jul 25 MGEX Wheat: $6.30 1/4, up 13 3/4 cents

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

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