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,
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.
