Wheat Prices Increase Amid Mixed Market Dynamics

Wheat is trading with gains this Friday morning across all three exchanges. Most contracts have risen by 10 to 12 cents per bushel. On Thursday, the wheat complex showed mixed performance, with contracts fluctuating around unchanged levels. Preliminary open interest jumped by 7,187 contracts on Thursday. Notably, open interest for May stands at just 475 contracts, with 80 deliveries reported overnight.

In addition, preliminary open interest rose by 4,214 contracts, with May open interest at 236 contracts and 200 deliveries issued overnight.

US Export Sales Show Strong Commitments

US export sales totaled 75,005 metric tons for the week ending April 24. As we approach the final month of the marketing year, export commitments have reached 21.555 million metric tons—a four-year high. This figure represents 97% of the current USDA export estimate, although it lags behind the average pace of 104% for this time of year.

Wheat Milling and International Purchases

The USDA reports that a total of 229.62 million bushels of wheat were milled for flour from January to March, up by 3 million bushels from the previous year. Additionally, South Korean mills purchased 35,800 metric tons of wheat from the U.S. overnight.

French soft wheat ratings remained stable at 74% classified as good/excellent, according to data from FranceAgriMer, unchanged from the previous week.

Current Wheat Prices

May 25 CBOT Wheat: $5.27 1/4, up 12 cents

July 25 CBOT Wheat: $5.41 1/2, up 10 1/2 cents

May 25 KCBT Wheat: $5.25 1/4, up 9 1/4 cents

July 25 KCBT Wheat: $5.38 1/4, up 10 3/4 cents

May 25 MGEX Wheat: $6.16 1/2, up 2 1/2 cents

July 25 MGEX Wheat: $6.05 1/2, up 10 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy.
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