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Wheat Pops Higher on Lower Acreage
The wheat complex is trading posted gains across the three exchanges on Monday. Chicago SRW futures were firm to 8 3/4 cents higher to close out the day. Kansas City HRW contracts were ¾ to 5 ¼ in the green to settle the Monday session. MPLS spring wheat was up 7 to 11 cents in the nearby contracts. Precip is expected to cover a good portion of the Southern Plains and SRW country in the next week.
Individual state Crop Progress reports showed KS winter wheat steady at 49% gd/ex, with a Brugler500 index unchanged at 334. Ratings in TX were up down 5% at 26% gd/ex and 3 points lower on the Brugler500 at 285. Weekly NASS national Crop Progress reports will begin next Monday.
NASS tallied March 1 wheat stocks at 1.236 billion bushels in this morning’s quarterly Grain Stocks report, 15 mbu above the average trade estimate but still within the full range of expectations. That is also a hike of 147 mbu increase from last year.
The annual Prospective Plantings report showed 45.35 million acres of wheat intended this spring, which is well shy of the 46.53 million acre trade average guess. Winter wheat acres were down 800,000 acres from the January Winter Wheat Seedings report at 33.315 million acres, which is also 75,000 below last year. Spring wheat was tallied at intentions of 10.02 million acres, below the 10.531 million acre trade estimate.
This morning’s Export Inspections report from FGIS showed a total of 435,644 MT (16.007 mbu) of wheat shipped in the week that ended on March 27. That was down 10.19% from the previous week and 13.46% below the same week last year. Of that total, 76,142 MT was headed to Mexico, with 67,470 MT destined for South Korea. Marketing year shipments have totaled 17.29 MMT (635.29 mbu) since June 1, 2024, which is 16.41% above the same period last year.
May 25 CBOT Wheat closed at $5.37, up 8 3/4 cents,
Jul 25 CBOT Wheat closed at $5.50 1/2, up 7 3/4 cents,
May 25 KCBT Wheat closed at $5.57, up 5 1/4 cents,
Jul 25 KCBT Wheat closed at $5.70, up 4 1/2 cents,
May 25 MGEX Wheat closed at $5.92, up 11 cents,
Jul 25 MGEX Wheat closed at $6.06 3/4, up 10 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.