The wheat complex saw a mixed close to the Monday session, with hard wheat leading the way. Kansas City futures experienced gains, while Chicago contracts ended weaker for the day. MPLS spring wheat also showed positive movement.
USDA Crop Progress Report
According to the weekly USDA Crop Progress report, 6% of the US winter wheat crop was headed as of April 7, slightly above the 5% average pace. Crop conditions remained steady, with 56% gd/ex. Spring wheat planting was reported at 3%, in line with the 5-year average.
Weather Outlook
The 7-day QPF from USDA indicated drier weather in HRW country, while parts of SRW were expecting some precipitation over the next week.
Export Insights
The latest Export Inspections report from USDA showed a total of 497,534 MT of wheat exports during the week ending April 4. This marked a decrease from the previous week but a significant rise from the same week last year. Cumulative inspections for the marketing year were still trailing behind last year’s figures.
Global Developments
Russia’s wheat export tax was adjusted to 3236 rubles/MT for the week ending April 16, down from the previous level.
Market Closures
May 24 CBOT Wheat closed at $5.65 3/4, down 1 1/2 cents, while Jul 24 CBOT Wheat ended at $5.80 1/2, down 125 cents.
May 24 CBOT Wheat closed at $5.85 1/4, up 3 cents, with Jul 24 CBOT Wheat at $5.84 1/2, up 500 cents. Jul 24 CBOT Wheat closed at $6.59, up 2 1/2 cents.
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
