The wheat complex continued the losses to start March, as the three exchanges were lower at the close. Chicago SRW futures were 5 to 8 cents lower on the day. KC HRW futures were down 9 to 11 cents. MPLS spring wheat saw losses of 6 to 7 cents across most contracts to end the session.
Individual state Crop Progress reports showed KS winter wheat rated 54% gd/ex, with a Brugler500 index at 344, up from 50% and 339 respectively from the beginning of February. Rating in TX were down 3% and 9 points on the Brugler500 to 34% gd/ex and 295, respectively.
The USDA Export Inspections report showed a total of 389,593 MT (14.3 mbu) of wheat shipped in the week of 2/27. That was a slight 0.45% increase from the week prior and 8.73% larger than the same week last year. Mexico was the largest destination of 77,541 MT, with 72,600 MT to the Philippines and 58,584 MT to Thailand. Shipments so far this MY are at 15.323 MMT (563 mbu), which is 18.13% above the same time last year.
ABARES estimates the 2024/25 Australian wheat crop at 34.1 MMT, which is an increase of 31% from the year prior and compares to a 32 MMT estimate from USDA.
Mar 25 CBOT Wheat closed at $5.32, down 5 cents,
May 25 CBOT Wheat closed at $5.47 3/4, down 8 cents,
Mar 25 KCBT Wheat closed at $5.47 1/2, down 10 3/4 cents,
May 25 KCBT Wheat closed at $5.62, down 11 cents,
Mar 25 MGEX Wheat closed at $5.76, down 6 1/4 cents,
May 25 MGEX Wheat closed at $5.91 1/4, down 6 1/2 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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