Wheat Closes Lower, USDA Reports Lower Conditions

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The wheat complex posted losses across the three exchanged on Monday. Kansas City was 2 ¾ to 6 ¼ cents lower on the session. Chicago contracts were fractionally to 4 ¼ cents lower at the close. MPLS was down another 3 to 6 cents on the day.

The FGIS Export Inspections report indicated all wheat exports of 551,278 MT in the week that ended on April 11. That was a 6.6% increase from the week prior and more than double the same week during 2023. Of that total 195,145 MT was headed to China, with 103,377 MT to the Philippines and 80,893 MT to Mexico. Marketing year inspections for wheat are now at 15.921 MMT (585 mbu), which is 9.2% below the same time last year and slowly chipping away. 

Egypt’s GASC is in looking for wheat, with the tender to close on Tuesday and results expected to follow.

Crop Progress data tallied 11% of the US winter wheat crop as headed, 4% above the average pace and 2% faster than last year. Winter wheat conditions slipped 1% to 55% good/excellent, in line with what the trade was expecting. That dropped the Brugler500 index score 2 points to 346, with most coming from HRW country. Spring wheat planting pace was listed at 7% complete, on par with estimates, 5% above last year’s pace and above the 6% average. Some precip is being added into portions of the Southern Plains for the next week, with the 6-10 day outlook showing above normal odds for precip in that period. 

May 24 CBOT Wheat  closed at $5.51 3/4, down 4 1/4 cents,

Jul 24 CBOT Wheat  closed at $5.67 1/2, down 3 1/4 cents,

May 24 KCBT Wheat  closed at $5.84, down 5 3/4 cents,

Jul 24 KCBT Wheat  closed at $5.80 3/4, down 6 1/4 cents,

Jul 24 MGEX Wheat  closed at $6.44, down 6 cents,

On the date of publication, Alan Brugler 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.