Wheat Pressure Continues on Tuesday
The wheat complex is facing slight weakness at Tuesday’s midday, with contracts down across the three markets. Chicago SRW futures are down 4 to 7 cents. Kansas City HRW contracts are 6 to 7 cents lower in the nearbys. MPLS spring wheat is 3 to 4 cents in the red.
The weekly Crop Progress report showed a total of 30% of the spring wheat crop planted, ahead of the 21% 5-year average pace but shy of the 34% estimate. Emergence was tallied at 5%, matching normal.
The US winter wheat crop was listed at 27% headed as of April 27, 5 percentage points ahead of normal. Winter wheat ratings were back up 4% to 49% good/excellent, as the Brugler500 index was rising 9 points to 334.
The European Commission tallies the 2024/25 soft wheat exports at 17.467 MMT from July 1 to April 27. That is a drop of 9.7 MMT from the same period last year. SovEcon raised it’s 2024/25 Russian export estimate by 0.2 MMT to 40.7 MMT. The 2025/26 projection was up 0.6 MMT at 39.7 MMT.
May 25 CBOT Wheat is at $5.08 1/2, down 7 cents,
Jul 25 CBOT Wheat is at $5.26 1/4, down 4 3/4 cents,
May 25 KCBT Wheat is at $5.18, down 6 3/4 cents,
Jul 25 KCBT Wheat is at $5.33 1/2, down 6 1/4 cents,
May 25 MGEX Wheat is at $6.02 1/2, up 12 1/2 cents,
Jul 25 MGEX Wheat is at $5.93 1/4, down 3 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.