Wheat futures are trading with losses at Tuesday’s midday, though the market has pulled off the early session lows. Chicago SRW futures are still down 7 to 8 cents at the midday part of the session. KC HRW futures are 5 to 6 cents lower on Tuesday. MPLS spring wheat is trading with 8 to 10 cents in the red.
With the national Crop Progress report starting on a weekly basis in April, we still have a few individual state crop reports. Kansas will be out on a weekly basis starting next week, with Texas ratings at 37% gd/ex, up 4% from last week (Brugler500 rating up 4 to 304). Oklahoma ratings were down 6% from the end of January at 34%, as the Brugler500 index was down 10 to 307.
Russian wheat exports for the 2024/25 marketing year are estimated to total 42.2 MMT according to SovEcon, a reduction of 0.6 MMT from the previous estimate. The 2025/26 estimate was seen at 38.9 MMT, up 0.6 MMT from their prior number.
The European Commission has tallied the 2024/25 EU wheat soft wheat exports at 13.65 MMT from July 1 through Sunday, which was down from the 21.31 MMT in the same period last year.
Mar 25 CBOT Wheat is at $5.71, down 8 cents,
May 25 CBOT Wheat is at $5.86 1/4, down 7 1/4 cents,
Mar 25 KCBT Wheat is at $5.91, down 5 1/2 cents,
May 25 KCBT Wheat is at $6.03 3/4, down 5 3/4 cents,
Mar 25 MGEX Wheat is at $6.12 1/4, down 9 1/4 cents,
May 25 MGEX Wheat is at $6.27 1/2, down 8 1/4 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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