Wheat Market Shows Positive Movement as Exports Reach New Heights

Gains Across Major Markets Indicate Robust Trading Activity

The wheat market experienced gains on Tuesday, with Chicago SRW futures climbing by 1 to 2 cents. In contrast, KC HRW contracts saw an increase of 2 to 3 cents, while MPLS spring wheat futures were also up by 2 to 3 cents.

Recent Crop Progress reports released on Monday afternoon revealed that Kansas winter wheat ratings stood at 47% graded good to excellent, with the Brugler500 index at 333. This is a decline from December’s mid-month reading of 56% (351) but slightly better than last year’s 43% (318) at the same time. Similarly, ratings in Oklahoma decreased by 3% from the end of November, resting at 45%, with the Brugler500 index at 327.

U.S. Census data indicated that November wheat exports reached 1.417 MMT (52.06 million bushels), marking a four-year high for that month. This boost brought the total exports for the second quarter to 199.7 million bushels, with the first half of the marketing year totaling 425 million bushels.

On the other hand, EU soft wheat exports have so far totaled 11.16 MMT since the beginning of July, down 33.93% from last year’s 16.89 MMT during the same period.

In terms of specific futures, the prices closed as follows:

• Mar 25 CBOT Wheat closed at $5.42 1/2, an increase of 2 cents.
• May 25 CBOT Wheat closed at $5.54 1/2, up 2 cents.
• Mar 25 KCBT Wheat closed at $5.55 3/4, up 2 1/2 cents.
• May 25 KCBT Wheat closed at $5.64 1/2, up 2 3/4 cents.
• Mar 25 MGEX Wheat closed at $5.94 3/4, up 2 1/2 cents.
• May 25 MGEX Wheat closed at $6.02 3/4, up 2 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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