Key Moments
- Wheat futures are trading 3 to 5 cents higher early Wednesday after closing firmly in positive territory on Tuesday across all major contracts.
- NASS reported 59% of the US winter wheat crop harvested and final condition ratings at 26% good/excellent, with the Brugler500 index at 262.
- May wheat exports totaled 1.609 MMT (59.13 mbu), down 13.73% from April and 26.7% below the same month a year earlier, with full marketing year exports at 912 mbu including products.
Early Wednesday Trade and Tuesday’s Futures Performance
Wheat futures are posting early-session strength on Wednesday, with prices up between 3 and 5 cents so far. The market carried over momentum from Tuesday, when the wheat complex strengthened into the close.
Chicago soft red winter (SRW) wheat futures finished Tuesday solidly higher, with gains ranging from 3 1/4 to 7 1/4 cents across contracts. Open interest in Chicago wheat increased by 3,610 contracts on Tuesday, signaling additional participation in the market.
Kansas City hard red winter (HRW) wheat futures also advanced, closing between 1 1/4 and 4 3/4 cents higher. There were 4 deliveries registered against July futures overnight in the HRW market.
Minneapolis spring wheat futures posted moderate gains in most contracts, rising from 1 1/4 to 4 1/2 cents, while the nearby July contract stood out with an increase of 11 1/2 cents.
Crop Progress and Condition Ratings
According to the latest NASS Crop Progress report, 59% of the US winter wheat crop had been harvested by Sunday, running 8% ahead of the typical pace. Winter wheat condition ratings held steady at 26% good to excellent. The Brugler500 index for the crop rose by 1 point to 262, marking the final condition rating for this season.
Within that composite, the average Brugler500 index for the major HRW-producing states came in at 209, while the SRW-producing states averaged a significantly higher 360.
For spring wheat, 54% of the crop had headed, matching the 5-year average pace. Spring wheat condition ratings were reported at 57% good to excellent, a 2% decline, with the Brugler500 index slipping 1 point to 354.
State-level condition changes for spring wheat showed notable improvement in Montana, where ratings climbed 16 points, and in South Dakota, which gained 2 points. However, conditions deteriorated in Idaho, down 11 points, North Dakota, down 13 points, and Minnesota, down 6 points.
Export Data and Marketing Year Totals
Monthly trade data from Census indicated that wheat exports in May totaled 1.609 MMT, equivalent to 59.13 mbu. This volume was 13.73% lower than April and represented a 26.7% decline compared to the same month last year.
For the full marketing year to date, wheat exports including products reached 912 mbu.
Futures Board Snapshot
The latest closing levels from Tuesday and concurrent early Wednesday price indications for key wheat futures contracts are shown below:
| Contract | Exchange | Settlement Price | Change on Day | Current Move |
|---|---|---|---|---|
| Jul 26 Wheat | CBOT | $6.09 1/4 | up 3 1/4 cents | currently up 3 1/4 cents |
| Sep 26 Wheat | CBOT | $6.18 1/2 | up 4 1/2 cents | currently up 3 cents |
| Jul 26 Wheat | KCBT | $6.39 3/4 | up 1 1/4 cents | currently up 4 1/4 cents |
| Sep 26 Wheat | KCBT | $6.52 3/4 | up 3 cents | currently up 5 3/4 cents |
| Jul 26 Wheat | MIAX | $6.03 | up 11 1/2 cents | currently unch |
| Sep 26 Wheat | MIAX | $6.33 | up 3 1/2 cents | currently up 5 3/4 cents |
Disclosure
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.
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