The wheat market is trading with gains across the three exchanges on Tuesday morning. Wheat faced weakness on Monday, with the three markets falling lower. Chicago SRW futures were down 8 to 10 cents in the nearbys. KC HRW futures were 6 to 7 lower in the front months. MPLS spring wheat was 9 to 10 cents in the red.
Texas released their state Crop Production report on Monday, with winter wheat conditions at 42% gd/ex and a Brugler500 index at 322. That was up from the 321 last week and well above the same week last year.
USDA’s Export Inspections report showed a total of 484,544 MT (17.8 mbu) of wheat shipped in the week ending on 1/23. That was more than double the same week last year and up 85.09% from last week. Japan was the largest destination of 144,037 MT, with 132,710 MT headed to South Korea. Marketing year shipments are 13.764 MMT (505.73 mbu), which is now 25.04% from the same period in the 2023/24 MY.
Mar 25 CBOT Wheat closed at $5.35 1/2, down 8 1/2 cents, currently up 4 1/4 cents
May 25 CBOT Wheat closed at $5.49 3/4, down 9 cents, currently up 3 1/2 cents
Mar 25 KCBT Wheat closed at $5.53 1/4, down 6 1/4 cents, currently up 2 1/2 cents
May 25 KCBT Wheat closed at $5.62 3/4, down 6 3/4 cents, currently up 2 1/2 cents
Mar 25 MGEX Wheat closed at $5.85 3/4, down 9 1/2 cents, currently up 4 cents
May 25 MGEX Wheat closed at $5.96 3/4, down 9 cents, currently up 3 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.