Wheat Rallies Double Digits on Monday
The wheat market posted a double-digit rally across the three exchanges on Monday. Chicago SRW closed with gains of 11 to 12 cents at the session close. Kansas City HRW contracts settled with contracts up 19 to 20 cents in the nearbys on Monday. MPLS spring wheat was 13 to 14 cents higher on the day.
Individual state Crop Progress reports showed KS winter wheat rated 48% gd/ex, down 2%, with a Brugler500 index slipping 6 points to 331. Ratings in TX were steady at 28% gd/ex and 1 point higher on the Brugler500 at 283. The next week continues to look drier for much of the Southern Plains as the begins to exit dormancy.
USDA’s Export Inspections report indicated a total of 482,658 MT (18.8 mbu) of wheat shipped in the week that ended on 3/13. That was more than double the previous week and 24.89% above the same week in 2024. South Korea was the largest destination of 111,616 MT, with 108,097 MT to Japan, with 66,299 MT to Mexico. Shipments for the marketing year have totaled 16.367 MMT (601.34 mbu), a 18.16% increase from the same week last year.
May 25 CBOT Wheat closed at $5.68 1/2, up 11 1/2 cents,
Jul 25 CBOT Wheat closed at $5.85, up 12 cents,
May 25 KCBT Wheat closed at $6.05 1/2, up 19 1/2 cents,
Jul 25 KCBT Wheat closed at $6.17 3/4, up 19 cents,
May 25 MGEX Wheat closed at $6.15, up 13 1/4 cents,
Jul 25 MGEX Wheat closed at $6.30 1/4, up 13 3/4 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.