The wheat market posted Monday losses across the three exchanges. Chicago SRW futures were down 10 to 11 cents in the front months at the close. Kansas City HRW contracts were 6 to 7 cents lower on Monday. MPLS spring wheat was down 5 to 7 cents across the front months.
The weekly 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.
Commitment of Traders data showed specs cutting 5,693 contracts from their net short position in CBT wheat futures and options as of Tuesday 96,439 contracts. In KC wheat, they were at a net short of 47,372 contracts, a reduction of 2,462 contracts during the week of April 15.
May 25 CBOT Wheat closed at $5.38 1/2, down 10 1/4 cents,
Jul 25 CBOT Wheat closed at $5.52 1/4, down 10 cents,
May 25 KCBT Wheat closed at $5.50 3/4, down 6 3/4 cents,
Jul 25 KCBT Wheat closed at $5.63 3/4, down 6 1/4 cents,
May 25 MGEX Wheat closed at $6.00, down 6 1/4 cents,
Jul 25 MGEX Wheat closed at $6.14, down 5 1/4 cents,
