Wheat Market Shows Mixed Results Amid Crop Progress Updates
The wheat market experienced a Turnaround Tuesday, with winter wheats making gains. Chicago SRW futures rose, closing up 2 cents, while Kansas City HRW futures saw increases of 3 to 4 cents. In contrast, Minneapolis spring wheat futures continued to weaken, posting losses of 3 to 4 cents.
Weekly Crop Progress Update
The latest Crop Progress report indicated that all six states tracked are ahead of the 5-year average planting pace. Currently, winter wheat is 53% headed, surpassing the average of 45%. The condition ratings stand at 54% good/excellent, a 3% increase from the previous week. The Brugler500 index rose by 4 points to 338. Notable changes by state included declines of 18 points in Nebraska, 14 points in South Dakota, and a 4-point drop in Kansas. However, improvements were seen in Texas, which increased by 17 points, and Oklahoma, which improved by 14 points.
Hard Red Wheat Tour and European Estimates
Today marks the first day of the annual Hard Red Wheat Tour through Kansas, with the initial route results to be announced later this evening. This tour will conclude on Thursday. In European wheat news, the French Farm Ministry estimates soft winter wheat acreage at 4.57 million hectares (11.29 million acres), down 100,000 acres from earlier projections. The EU Commission has projected that wheat exports for 2024/25 will reach 18.26 million metric tons from July 1 to May 11, a decrease of 9.15 million metric tons compared to the same timeframe last year.
Market Closing Prices
July 25 CBOT Wheat closed at $5.17 1/4, up 2 cents.
September 25 CBOT Wheat closed at $5.31 3/4, up 2 cents.
July 25 KCBT Wheat closed at $5.11 3/4, up 3 3/4 cents.
September 25 KCBT Wheat closed at $5.26 1/4, up 3 1/2 cents.
July 25 MGEX Wheat closed at $5.80 3/4, down 3 1/4 cents.
September 25 MGEX Wheat closed at $5.93 3/4, down 3 3/4 cents.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please view the Barchart Disclosure Policy
here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
