Wheat Weakness Comes Back in on Monday

The wheat complex gave back most of Friday’s gains, as losses extended across the three exchanges. Chicago SRW futures were back down 8 to 9 cents in the front months at the close. Kansas City HRW contracts closed with 12 to 13 cent losses on the session. MPLS spring wheat was down 9 to 11 cents at the final bell.

Precip is in the forecast for the next week in parts of the Southern Plains, reaching from portions of the TX panhandle to western KS and heavier totals moving east to the Mississippi River.

The weekly Crop Progress report from NASS showed the US spring wheat crop at 7% planted, matching the 5-year average pace. The winter wheat crop was pegged at 8% planted, in line with the average pace. Conditions of the winter wheat crop were down 1% to 47% good/excellent, with the Brugler500 index rising 1 point to 329 on a 2% shift out of the poor/verry poor categories.

USDA’s Export Inspections report indicated a total of 604,461 MT (22.21 mbu) of wheat shipped in the week that ended on 4/10. That was up 80.4% from the previous week but down 2.53% from the same week in 2024. Mexico was the largest destination of 130,058 MT, with 83,533 MT to Japan. Shipments for the marketing year have totaled 18.295 MMT (672.2 mbu), a 14.42% increase from the same period last year. 

APK-Inform estimates that the Ukraine wheat crop will be down 1% from the year prior to 21.5 MMT in a release on Monday.

May 25 CBOT Wheat  closed at $5.47 1/2, down 8 1/4 cents,

Jul 25 CBOT Wheat  closed at $5.61 3/4, down 8 1/2 cents,

May 25 KCBT Wheat  closed at $5.55 1/4, down 12 3/4 cents,

Jul 25 KCBT Wheat  closed at $5.70 1/4, down 13 cents,

May 25 MGEX Wheat  closed at $6.04 3/4, down 10 1/4 cents,

Jul 25 MGEX Wheat  closed at $6.19, down 9 1/2 cents,