The wheat complex posted strength on Monday, with double digit gains across the three exchanges. Chicago SRW futures were 6 to 11 1/4 cents higher at the close. KC HRW futures were 5 to 12 1/4 cents in the green on the day. MPLS spring wheat were up 10 to 13 cents on the day. Crude oil was up just $1.42 on the day, coming well off the highs, following the breakdown of US/Iran negotiations this weekend. Pressure came later in the session after President Trump stated Iran was wanting to make a deal.
Crop Progress data showed winter wheat at 11% headed as of Sunday, compared to the 5-year average of 7%. Condition ratings were down 1 point to 34% good/excellent, with the Brugler500 index slipping 3 points to 295.
Spring wheat was listed at 6% planted, now lagging the 7% average pace.
USDA’s FGIS tallied wheat export shipments at 320,797 MT (11.79 mbu) during the week ending on April 9. That was 6.44% below the week prior and 47.62% below the same week last year. Mexico was the top destination of 113,955 MT, with 52,812 MT headed to Philippines and 55,246 MT to Taiwan. Marketing year exports for 2025/26 are 21.026 MMT (1.127 bbu) since June 1, which is now 14.64% above the same period last year.
May 26 CBOT Wheat closed at $5.82 1/4, up 11 1/4 cents,
Jul 26 CBOT Wheat closed at $5.91 1/4, up 10 1/2 cents,
May 26 KCBT Wheat closed at $6.03 1/4, up 12 1/2 cents,
Jul 26 KCBT Wheat closed at $6.16 1/2, up 11 1/2 cents,
May 26 MIAX Wheat closed at $6.25 1/2, up 13 cents,
Jul 26 MIAX Wheat closed at $6.39 1/4, up 12 1/4 cents,
