Wheat prices reached new highs on Wednesday, following a significant rally on Tuesday, with Chicago SRW futures up between 17 to 28 1/4 cents. Kansas City HRW futures saw gains of 18 to 29 ½ cents, while Minneapolis spring wheat rose by 12 1/2 to 21 1/2 cents. Open interest dropped notably, with KC down 7,438 contracts, indicating a potential shift in market positions.
As of the latest Crop Progress report, the U.S. spring wheat crop is 19% planted, lagging 3 percentage points behind the five-year average of 22%. Notably, Minnesota is 10 percentage points behind its usual pace, and South Dakota is lagging by 1 percentage point. The winter wheat crop is 34% headed, 13 percentage points ahead of normal, yet the Brugler500 index reflects declining conditions, now at 287, the second lowest level for this week since 2000.
Additionally, EU soft wheat exports from July 1 to April 24 totaled 19.28 million metric tons, an increase of 1.18 million metric tons compared to the previous year. In trading prices, May CBOT Wheat closed at $6.49, up 27 1/2 cents, while July closed at $6.57 3/4, gaining 28 cents.
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