Wheat is trading with weakness on Tuesday morning. The market posted losses across the three exchanges on Monday. Chicago SRW futures were down 10 to 11 cents in the front months at the close. Preliminary open interest was up 1,565 contracts on Tuesday. Kansas City HRW contracts were 6 to 7 cents lower on Monday. Preliminary open interest was down 2,318 contracts, mainly in May.  MPLS spring wheat was down 5 to 7 cents across the front months.Â
Monday’s Crop Progress report showed a total of 17% of the spring wheat crop planted, ahead of the 12% 5-year average pace. Emergence was tallied at 2%, matching normal. The US winter wheat crop was listed at 15% headed as of April 20, 2 percentage points ahead of normal. Winter wheat ratings were down 2% to 45% good/excellent, as the Brugler500 index was down 4 points to 325. The next week is expected to see precip across much of the Plains states, from Texas to South Dakota.
USDA’s Export Inspections report indicated a total of 510,250 MT (18.75 mbu) of wheat shipped in the week that ended on 4/17. That was down just 16.55% from the previous week but 13.31% above the same week in 2024. Vietnam was the top destination of 133,547 MT, with 89,273 MT headed to Mexico and 64,683 MT to the Philippines.  Marketing year shipments have totaled 18.81 MMT (691.24 mbu), which is up 14.43% compared to the same week last year.Â
May 25 CBOT Wheat  closed at $5.38 1/2, down 10 1/4 cents, currently down 5 cents
Jul 25 CBOT Wheat  closed at $5.52 1/4, down 10 cents, currently down 4 3/4 cents
May 25 KCBT Wheat  closed at $5.50 3/4, down 6 3/4 cents, currently down 3/4 cent
Jul 25 KCBT Wheat  closed at $5.63 3/4, down 6 1/4 cents, currently down 1 3/4 cents
May 25 MGEX Wheat  closed at $6.00, down 6 1/4 cents, currently up 1/2 cent
Jul 25 MGEX Wheat  closed at $6.14, down 5 1/4 cents, currently down 3/4 cent
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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