The wheat complex is giving most of Friday’s gains back, with midday losses. Chicago SRW futures are back down 10 cents in the front months. Kansas City HRW contracts are 13 to 15 cents lower on the session. MPLS spring wheat is down 9 to 11 cents at midday.
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 trade is looking for a 1% decline in the winter wheat good/excellent ratings ahead of this afternoon’s Crop Progress report.
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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.
The weekly CFTC Commitment of Traders report showed managed money cutting 9,908 contracts from their net short to 102,132 contracts by April 8. In KC wheat, they added 4,159 contracts to their net short at 49,834 contracts.
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 is at $5.45 3/4, down 10 cents,
Jul 25 CBOT Wheat is at $5.60 1/4, down 10 cents,
May 25 KCBT Wheat is at $5.55, down 13 cents,
Jul 25 KCBT Wheat is at $5.69, down 14 1/4 cents,
May 25 MGEX Wheat is at $6.04 1/2, down 10 1/2 cents,
Jul 25 MGEX Wheat is at $6.19, down 9 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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