The wheat complex was under continued pressure on Tuesday, with losses across the three markets. Chicago SRW futures were down 5 to 10 cents on Tuesday. Kansas City HRW contracts were 8 to 9 cents lower in the nearbys. MPLS spring wheat posted 3 to 5 cent losses at the close.
The 7-day QPF from NOAA shows heavy precip totals from KS to TX over the next week from 1+ to 5+ inches.
The weekly Crop Progress report showed a total of 30% of the spring wheat crop planted, ahead of the 21% 5-year average pace but shy of the 34% estimate. The US winter wheat crop was listed at 27% headed as of April 27, 5 percentage points ahead of normal. Winter wheat ratings were back up 4% to 49% good/excellent, as the Brugler500 index was rising 9 points to 334. Improvement was noted in KS, up 16 points , with NE up 18 and TX up 7. Just AR, CO, MI< NC, and OH saw any deterioration.
The European Commission tallies the 2024/25 soft wheat exports at 17.467 MMT from July 1 to April 27. That is a drop of 9.7 MMT from the same period last year. SovEcon raised it’s 2024/25 Russian export estimate by 0.2 MMT to 40.7 MMT. The 2025/26 projection was up 0.6 MMT at 39.7 MMT.
May 25 CBOT Wheat closed at $5.05 3/4, down 9 3/4 cents,
Jul 25 CBOT Wheat closed at $5.25 1/2, down 5 1/2 cents,
May 25 KCBT Wheat closed at $5.15 1/4, down 9 1/2 cents,
Jul 25 KCBT Wheat closed at $5.31, down 8 3/4 cents,
May 25 MGEX Wheat closed at $6.05, up 15 cents,
Jul 25 MGEX Wheat closed at $5.92 3/4, down 4 cents,
